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Holding On To Recent Gains

EURGBP TECHS
  • RES 4: 0.8980 High Sep 29
  • RES 3: 0.8907 50.0% retracement of the Sep 26 - Dec 1 bear leg
  • RES 2: 0.8867 High Oct 12
  • RES 1: 0.8863 High Dec 27
  • PRICE: 0.8825 @ 06:16 GMT Dec 29
  • SUP 1: 0.8784/29 Low Dec 23 / 20-day EMA
  • SUP 2: 0.8695 50-day EMA
  • SUP 3: 0.8593 Low Dec 15
  • SUP 4: 0.8571/47 200-dma / Low Dec 1 and bear trigger

EURGBP maintains a bullish short-term tone and the recent break of resistance at 0.8829, the Nov 9 high, has reinforced this theme. This paves the way for a move towards 0.8907, a Fibonacci retracement point. Moving average studies have crossed to highlight a bullish backdrop, reinforcing the current trend direction. On the downside, initial firm support is seen at 0.8695, the 50-day EMA. A break would be bearish.

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