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EURGBP TECHS: Southbound

EURGBP TECHS
Foreign Exchange Technical AnalysisCEEMEABulletUKGlobalForeign Exchange BulletsRegionMarkets
  • RES 4: 0.8494 High Aug 26
  • RES 3: 0.8432/64 50-day EMA / High Sep 11 
  • RES 2: 0.8400 Low Aug 30
  • RES 1: 0.8390 20-day EMA 
  • PRICE: 0.8325 @ 06:22 BST Oct 1
  • SUP 1: 0.8311 3.00 projection of the Aug 8 - 13 - 14 price swing 
  • 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   

The trend condition in EURGBP remains bearish and recent weakness reinforces this theme. The cross has breached 0.8400, the Aug 30 low, confirming a resumption of the bear cycle. Furthermore, 0.8383, the Jul 17 low and a key support, has been cleared, strengthening the downtrend. Note that MA studies remain in a bear-mode condition too. Sights are on 0.8311 next, a Fibonacci projection. Initial firm resistance is 0.8390, the 20-day EMA.

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  • RES 4: 0.8494 High Aug 26
  • RES 3: 0.8432/64 50-day EMA / High Sep 11 
  • RES 2: 0.8400 Low Aug 30
  • RES 1: 0.8390 20-day EMA 
  • PRICE: 0.8325 @ 06:22 BST Oct 1
  • SUP 1: 0.8311 3.00 projection of the Aug 8 - 13 - 14 price swing 
  • 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   

The trend condition in EURGBP remains bearish and recent weakness reinforces this theme. The cross has breached 0.8400, the Aug 30 low, confirming a resumption of the bear cycle. Furthermore, 0.8383, the Jul 17 low and a key support, has been cleared, strengthening the downtrend. Note that MA studies remain in a bear-mode condition too. Sights are on 0.8311 next, a Fibonacci projection. Initial firm resistance is 0.8390, the 20-day EMA.