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Eyeing Key Support

EURGBP TECHS
  • RES 4: 0.8701/21 High May 7 / High Apr 26 and the bull trigger
  • RES 3: 0.8672 High May 25
  • RES 2: 0.8670 High Jul 20 and 76.4% of the Apr - Jul bearish phase
  • RES 1: 0.8590 50-day EMA
  • PRICE: 0.8540 @ 16:50 BST Jul 26
  • SUP 1: 0.8537 Low Jul 26
  • SUP 2: 0.8504 Low Jul 14 and key short-term support
  • SUP 3: 0.8485/72 1% 10-dma envelope / Low Apr 5
  • SUP 4: 0.8430 Low Feb 27, 2020

EURGBP traded lower in the second half of last week, following a reversal from the Jul 20 high. The sharp move lower places on hold a recent bullish focus and instead attention turns to support at 0.8504, the Jul 14 low and a near-term bear trigger. A break of this support would reinstate a bearish theme and open 0.8472, the Apr 5 low. On the upside, key resistance has been defined at 0.8670, the Jul 20 high.

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