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Heading South


Trades Through Key Short-term Resistance


Compelling Case for 50Bp Hikes


BLOCK, 5Y Sale

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Hovering Above Week’s Lows

  • RES 4: 0.8701/21 High May 7 / High Apr 26 and the bull trigger
  • RES 3: 0.8672 High May 25
  • RES 2: 0.8610/70 High Jul 22 / High Jul 20 and a key resistance
  • RES 1: 0.8580 50-day EMA
  • PRICE: 0.8483 @ 16:49 BST Aug 12
  • SUP 1: 0.8450 Low Aug 10
  • SUP 2: 0.8430 Low Feb 27, 2020
  • SUP 3: 0.8418 1.0% 10-dma envelope
  • SUP 4: 0.8277 Low Dec 13

EURGBP outlook remains acutely weak, with this week's 0.8450 print the lowest level since February last year. This flags scope for losses toward vol band support at 0.8418 as well as the Feb 27, 2020 low at 0.8430. Moving average studies remain in a bear mode highlighting a downside theme. On the upside, key resistance is unchanged at 0.8670, the Jul 20 high.

MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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