October 25, 2024 18:00 GMT
EURGBP TECHS: Short-Term Trend Condition Remains Bearish
EURGBP TECHS
- RES 4: 0.8494 High Aug 26
- RES 3: 0.8464 High Sep 11 and a key resistance
- RES 2: 0.8453 High Sep 18
- RES 1: 0.8353/8434 20-day EMA / High Oct 3 and reversal trigger
- PRICE: 0.8336 @ 15:53 BST Oct 25
- SUP 1: 0.8295 Low Oct 18
- SUP 2: 0.8276 3.382 projection of the Aug 8 - 13 - 14 price swing
- SUP 3: 0.8250 Low Apr 14 ‘22
- SUP 4: 0.8203 Low Mar 7 2022 and a major support
EURGBP continues to trade above the Oct 18 low. Price activity on Oct 18 highlights a possible early reversal signal and if correct, a short-term base. However, the trend condition for now remains bearish and a resumption of weakness would open 0.8276, a Fibonacci projection. Initial resistance to watch is 0.8353, the 20-day EMA. Key trend resistance is unchanged at 0.8434, the Oct 3 high.
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