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Heading South

EURGBP TECHS


  • RES 4: 0.8768 High Nov 20
  • RES 3: 0.8715 High Dec 28 and the bull trigger
  • RES 2: 0.8676 High Jan 3
  • RES 1: 0.8580/8612 20- and 50-day EMA values
  • PRICE: 0.8519 @ 06:17 GMT Jan 30
  • SUP 1: 0.8513 Low Jan 29
  • SUP 2: 0.8493 Low Aug 23 2023 and a key medium-term support
  • SUP 3: 0.8487 1.0% 10-dma envelope
  • SUP 4: 0.8454 61.8% of the Mar 7 - Sep 26 ‘23 bull phase

The trend needle in EURGBP continues to point south. Last week's move lower resulted in a break of support at 0.8549, the Dec 11 low, strengthening the current bearish condition. Monday’s extension, further reinforces the downtrend. Sights are on 0.8493, the Aug 23 ‘23 low and a key support. The 50-day EMA, at 0.8612, is the initial firm resistance to watch. First resistance is at 0.8580, the 20-day EMA.

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