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EURGBP TECHS: Bearish Extension

  • RES 4: 0.8719 High May 23 and a congestion high
  • RES 3: 0.8701 High Jul 19
  • RES 2: 0.8663/8669 100-dma / High Aug 11
  • RES 1: 0.8610 50-day EMA
  • PRICE: 0.8542 @ 06:40 BST Aug 17
  • SUP 1: 0.8523 1.0% 10-dma envelope
  • SUP 2: 0.8504 Low Jul 11 and key support
  • SUP 3: 0.8471 Low Aug 29 2022
  • SUP 4: 0.8424 Low Aug 25 2022

EURGBP has failed to hold on to its recent highs and traded lower again Wednesday to extend the reversal from 0.8669, the Aug 11 high. The cross is testing support 0.8544, the Jul 27 low and a key short-term level. A clear break would strengthen current bearish conditions and signal scope for weakness towards 0.8504, the Jul 11 low and a bear trigger. The key short-term hurdle for bulls is 0.8669.

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