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Holding On To The Bulk Of Its Recent Gains

EURGBP TECHS
  • RES 4: 0.8678 38.2% retracement of the Feb 3 - Aug 23 bear cycle
  • RES 3: 0.8620 High Jan 20
  • RES 2: 0.8607 23.6% retracement of the Feb 3 - Aug 23 bear cycle
  • RES 1: 0.8602 High Mar 22
  • PRICE: 0.8582 @ 06:18 GMT Mar 27
  • SUP 1: 0.8530/8504 Low Mar 21 / 08
  • SUP 2: 0.8493 Low Aug 23 2023 and a key medium-term support
  • SUP 3: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase
  • SUP 4: 0.8388 Low Aug 17 2023

EURGBP is holding on to the bulk of its recent gains. The cross last week breached resistance at 0.8578, the Feb 20 high. That move confirms a range breakout and a potential reversal, highlighting a short-term bullish condition. This opens 0.8607 next, a Fibonacci retracement point. Moving average studies remain in a bear-mode position and this continues to highlight a dominant downtrend. The bear trigger lies at 0.8493, the Aug 23 2023 low.

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