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EURGBP TECHS: Corrective Pullback

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: 0.8625 High Aug 8
  • PRICE: 0.8541 @ 16:07 BST Aug 13
  • SUP 1: 0.8517 Low Aug 5  
  • SUP 2: 0.8502 20-day EMA 
  • SUP 3: 0.8486 50-day EMA 
  • SUP 4: 0.8418 Low Aug 1

EURGBP maintains a firmer tone despite the latest pullback - a correction. Recent impulsive gains resulted in the break of a number of key resistance points, cancelling a bearish theme and highlighting potential for 0.8645, the Apr 23 high and a key resistance. Initial firm support to watch lies at 0.8486, the 50-day EMA. First support is 0.8544, the Aug 12 low. A deeper retracement would allow an overbought condition to unwind.    

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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: 0.8625 High Aug 8
  • PRICE: 0.8541 @ 16:07 BST Aug 13
  • SUP 1: 0.8517 Low Aug 5  
  • SUP 2: 0.8502 20-day EMA 
  • SUP 3: 0.8486 50-day EMA 
  • SUP 4: 0.8418 Low Aug 1

EURGBP maintains a firmer tone despite the latest pullback - a correction. Recent impulsive gains resulted in the break of a number of key resistance points, cancelling a bearish theme and highlighting potential for 0.8645, the Apr 23 high and a key resistance. Initial firm support to watch lies at 0.8486, the 50-day EMA. First support is 0.8544, the Aug 12 low. A deeper retracement would allow an overbought condition to unwind.