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Holding On To Its Recent Gains

  • RES 4: 0.8701 High Jul 19 and a key resistance
  • RES 3: 0.8669 High Aug 11
  • RES 2: 0.8643 100-dma
  • RES 1: 0.8611 High Aug 30
  • PRICE: 0.8556 @ 17:45 BST Aug 31
  • SUP 1: 0.8556 Low Aug 28/31
  • SUP 2: 0.8536/8493 Low Aug 24 / 23 and the bear trigger
  • SUP 3: 0.8475 1.0% 10-dma envelope
  • SUP 4: 0.8454 61.8% retracement of the Mar 7 - Sep 26 2022 bull leg

EURGBP edged lower into the Thursday close, but is holding onto most of its recent gains. The contract has this week traded above resistance at the 50-day EMA, at 0.8595. A continuation higher would strengthen a short-term bullish condition and suggest scope for a stronger correction, towards 0.8669, the Aug 11 high. Moving average studies continue to highlight a medium-term downtrend, the bear trigger lies at 0.8493, the Aug 23 low.

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