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Eyeing Support

EURGBP TECHS
  • RES 4: 0.8512 High Dec 22
  • RES 3: 0.8480 61.8% retracement of the Dec 8 - Feb 3 downleg
  • RES 2: 0.8432/78 High Feb 11 / High Feb 7
  • RES 1: 0.8371/8403 20-day EMA / High Feb 16
  • PRICE: 0.8316 @ 06:26 GMT Feb 22
  • SUP 1: 0.8285 Low Feb 3 and a key support
  • SUP 2: 0.8282/77 Low Feb’20 / Dec’19 and key bear trigger
  • SUP 3: 0.8242 50% Fibonacci Retracement 2015-2020 Upleg
  • SUP 4: 0.8238 0.764 proj of the Dec 8 - Feb 3 - 7 Price swing

EURGBP traded lower again Monday. The cross remains weaker and a continuation lower would leave the 0.8285 low from Feb 3 exposed. Clearance of this support would mark a 100% retracement of the recent recovery from the Feb 3 low. The cross remains below both the 20- and 50-day EMAs further highlighting a bearish threat. Initial resistance to watch is at 0.8403, the Feb 16 high. A break would ease bearish concerns.

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