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EURGBP TECHS: Corrective Cycle Still In Play

EURGBP TECHS
Foreign Exchange Technical AnalysisCEEMEABulletUKGlobalForeign Exchange BulletsRegion
  • RES 4: 0.8715 High Dec 28    
  • RES 3: 0.8677 76.4% retracement of the Nov 20 ‘23 - Jul 17 bear leg
  • RES 2: 0.8645 High Apr 23 and a key resistance
  • RES 1: 0.8593/8625 High Aug 14 / 8 and the bull trigger 
  • PRICE: 0.8516 @ 06:39 BST Aug 22
  • SUP 1: 0.8508 Low Aug 19 
  • SUP 2: 0.8499 50-day EMA
  • SUP 3: 0.8454 Low Aug 2  
  • SUP 4: 0.8418 Low Aug 1

EURGBP is unchanged and trades closer to its recent lows with a corrective cycle still in play. The move down has allowed an overbought condition to unwind. A firm support to watch is the 50-day EMA, at 0.8499. A resumption of gains would open 0.8593, the Aug 14 high, ahead of 0.8625, the Aug 8 high and a bull trigger. Note that MA studies are in a bull-mode set-up, highlighting an uptrend. A break of the 50-day EMA would concern bulls.

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  • RES 4: 0.8715 High Dec 28    
  • RES 3: 0.8677 76.4% retracement of the Nov 20 ‘23 - Jul 17 bear leg
  • RES 2: 0.8645 High Apr 23 and a key resistance
  • RES 1: 0.8593/8625 High Aug 14 / 8 and the bull trigger 
  • PRICE: 0.8516 @ 06:39 BST Aug 22
  • SUP 1: 0.8508 Low Aug 19 
  • SUP 2: 0.8499 50-day EMA
  • SUP 3: 0.8454 Low Aug 2  
  • SUP 4: 0.8418 Low Aug 1

EURGBP is unchanged and trades closer to its recent lows with a corrective cycle still in play. The move down has allowed an overbought condition to unwind. A firm support to watch is the 50-day EMA, at 0.8499. A resumption of gains would open 0.8593, the Aug 14 high, ahead of 0.8625, the Aug 8 high and a bull trigger. Note that MA studies are in a bull-mode set-up, highlighting an uptrend. A break of the 50-day EMA would concern bulls.