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Extending The Recent Move Lower

EURGBP TECHS
  • RES 4: 0.9217/30 High Dec 21/11 and key resistance
  • RES 3: 0.9156 High Dec 22
  • RES 2: 0.9093 High Dec 29
  • RES 1: 0.9085 High Jan 6
  • PRICE: 0.8929 @ 16:45 GMT Jan 12
  • SUP 1: 0.8921 Low Jan 12
  • SUP 2: 0.8915 Low Nov 27
  • SUP 3: 0.8867 Low Nov 23 and a key support
  • SUP 4: 0.8866/61 Low Sep 3 / Low Nov 11 and a bear trigger

EURGBP is trading lower and remains below recent highs. A bearish theme continues to dominate. The cross in late December cleared a key support at 0.8983, Dec 4 / 7 low. The break highlights a bearish chart feature and the risk of a deeper sell-off with scope for 0.8867, Nov 23 low. Firm resistance is at 0.9093, Dec 29 high and 0.9156, Dec 22 high. Clearance of these hurdles would alter the picture and expose the key 0.9230 Dec high. Bearish!

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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