November 22, 2024 06:48 GMT
EURGBP TECHS: Trading Below Tuesday’s High
EURGBP TECHS
- RES 4: 0.8464 High Sep 11 and a key resistance
- RES 3: 0.8448 High Oct 31 and reversal trigger
- RES 2: 0.8404 76.4% retracement of the Oct 31 - Nov 11 bear leg
- RES 1: 0.8363/76 50-day EMA / High Nov 19
- PRICE: 0.8328 @ 06:47 GMT Nov 22
- SUP 1: 0.8307/8260 Low Nov 14 / 11 and the bear trigger
- SUP 2: 0.8250 Low Apr 14 ‘22
- SUP 3: 0.8203 Low Mar 7 2022 and a major support
- SUP 4: 0.8200 Round number support
EURGBP continues to trade below Tuesday’s high. Attention remains on a bullish engulfing candle pattern on Nov 12 that highlights a potential reversal. The 20-day EMA has been breached and this exposes the next key resistance at 0.8363, the 50-day EMA (pierced). A clear break of the average would open 0.8404, a Fibonacci retracement. For bears, a reversal lower would refocus attention on key support at 0.8260, Nov 11 low.
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