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Fades Lower

EURGBP TECHS
  • RES 4: 0.8624 High Oct 1
  • RES 3: 0.8595 High Nov 5 and a key resistance
  • RES 2: 0.8574 High Nov 11
  • RES 1: 0.8559 Intraday high
  • PRICE: 0.8514 @ 17:00 GMT Dec 6
  • SUP 1: 0.8480 20-day EMA
  • SUP 2: 0.8446 Low Nov 29
  • SUP 3: 0.8411/8381 Low Nov 26 / Low Nov 22
  • SUP 4: 0.8356 Low Feb 26, 2020

EURGBP erased Friday’s progress ahead of the Monday close, but left technical parameters largely unchanged. The cross traded higher Friday and tested levels above 0.8550. The cross has also breached 0.8544, 76.4 retracement of the Nov 5 - 22 sell-off and this suggests potential for an extension towards a key short-term resistance at 0.8595, the Nov 5 high. Recent gains are still considered corrective however with broader trend signals remaining bearish. First support to watch is 0.8480.

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

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