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EURGBP TECHS: Strong Bounce

EURGBP TECHS
Foreign Exchange Technical AnalysisCEEMEABulletUKGlobalForeign Exchange BulletsRegionMarkets
  • RES 4: 0.8494 High Aug 26
  • RES 3: 0.8464 High Sep 11 and key resistance  
  • RES 2: 0.8444 High sep 18
  • RES 1: 0.8434 Intraday high  
  • PRICE: 0.8416 @ 15:06 BST Oct 3
  • SUP 1: 0.8379/8311 20-day EMA / Low Oct 1  
  • 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, however, today’s strong rally could be the start of some base building, particularly given the fact that the cross is trading close to the base of its 0.9300 - 0.8300 multi-year range. Moving average studies remain in a bear-mode position, highlighting a dominant downtrend - for now. Key support is at 0.8311, the Oct 1 low. Key resistance to watch is 0.8464, the Sep 11 high.

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  • RES 4: 0.8494 High Aug 26
  • RES 3: 0.8464 High Sep 11 and key resistance  
  • RES 2: 0.8444 High sep 18
  • RES 1: 0.8434 Intraday high  
  • PRICE: 0.8416 @ 15:06 BST Oct 3
  • SUP 1: 0.8379/8311 20-day EMA / Low Oct 1  
  • 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, however, today’s strong rally could be the start of some base building, particularly given the fact that the cross is trading close to the base of its 0.9300 - 0.8300 multi-year range. Moving average studies remain in a bear-mode position, highlighting a dominant downtrend - for now. Key support is at 0.8311, the Oct 1 low. Key resistance to watch is 0.8464, the Sep 11 high.