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EURGBP TECHS: Trend Needle Points South

EURGBP TECHS
Foreign Exchange Technical AnalysisCEEMEABulletUKGlobalForeign Exchange BulletsRegionMarkets
  • RES 4: 0.8494 High Aug 26
  • RES 3: 0.8444/64 50-day EMA / High Sep 12 
  • RES 2: 0.8410 20-day EMA
  • RES 1: 0.8381/8400 Low Jul 17 / Low Aug 30
  • PRICE: 0.8344 @ 09:02 BST Sep 26
  • SUP 1: 0.8311 3.00 projection of the Aug 8 - 13 - 14 price swing 
  • SUP 2: 0.8276 3.382 proj 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   

A bearish theme in EURGBP remains intact and last week’s move lower plus Monday’s bearish start to the week, reinforces this theme. The cross recently 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 bearish theme. Sights are on 0.8311 next, a Fibonacci projection. Initial firm resistance is seen at 0.8400, the Aug 30 low.

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  • RES 4: 0.8494 High Aug 26
  • RES 3: 0.8444/64 50-day EMA / High Sep 12 
  • RES 2: 0.8410 20-day EMA
  • RES 1: 0.8381/8400 Low Jul 17 / Low Aug 30
  • PRICE: 0.8344 @ 09:02 BST Sep 26
  • SUP 1: 0.8311 3.00 projection of the Aug 8 - 13 - 14 price swing 
  • SUP 2: 0.8276 3.382 proj 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   

A bearish theme in EURGBP remains intact and last week’s move lower plus Monday’s bearish start to the week, reinforces this theme. The cross recently 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 bearish theme. Sights are on 0.8311 next, a Fibonacci projection. Initial firm resistance is seen at 0.8400, the Aug 30 low.