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Holding On To Its Recent Gains

EURGBP TECHS
  • RES 4: 0.8907 50.0% retracement of the Sep 26 - Dec 1 bear leg
  • RES 3: 0.8867 High Oct 12
  • RES 2: 0.8829 High Nov 09 and the bull trigger
  • RES 1: 0.8776 High Nov 16
  • PRICE: 0.8729 @ 06:54 GMT Dec 20
  • SUP 1: 0.8661/8593 50-day EMA / Low Dec 15
  • SUP 2: 0.8556/47 200-dma / Low Dec 1 and bear trigger
  • SUP 3: 0.8522 Low Aug 30
  • SUP 4: 0.8471 Low Aug 28

EURGBP is unchanged and the cross is consolidating. Price rallied sharply higher last Thursday and in the process cleared the 50-day EMA at 0.8661. The break higher has improved the short-term outlook for bulls and signals scope for a climb towards resistance at 0.8829, the Nov 9 high and a bull trigger. On the downside, key support has been defined at 0.8547, the Dec 1 low, where a break is required to signal a continuation of the downtrend.

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