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Eyes On Support

EURGBP TECHS
  • RES 4: 0.8670 High Jul 20 and key resistance
  • RES 3: 0.8618/59 76.4% of the Jul 20 - Aug 10 sell-off / High Jul 21
  • RES 2: 0.8613/14 High Sep 22 / High Sep 7
  • RES 1: 0.8584 High Sep 27
  • PRICE: 0.8531 @ 06:20 BST Sep 28
  • SUP 1: 0.8527 Low Sept 27
  • SUP 2: 0.8502/01 76.4% of the Aug 10 - Sep 7 rally / Low Sep 16
  • SUP 3: 0.8484 Low Aug 16
  • SUP 4: 0.8471/50 1.0% 10-dma envelope / Low Aug 10

EURGBP traded sharply lower Monday and breached initial support at 0.8530, Sep 20 low. The break lower strengthens a bearish case following last week's failure to challenge key resistance at 0.8614, Sep 7 high. Attention is on 0.8501, Sep 16 low. A break of this level would open 0.8484, Aug 16 low and 0.8450, Aug 10 low and the bear trigger. The cross needs to clear 0.8614 to reinstate a bullish theme.

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