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EURGBP TECHS: Impulsive Bull Cycle Remains In Play

EURGBP TECHS
  • RES 4: 0.8530 76.4% retracement of the Aug 8 - Dec 19 ‘24 bear leg         
  • RES 3: 0.8494 High Aug 26 ‘24 
  • RES 2: 0.8474 High Jan 20 and a key resistance
  • RES 1: 0.8450 High Mar 11    
  • PRICE: 0.8398 @ 06:33 GMT Mar 13 
  • SUP 1: 0.8378/8338 Low Mar 10 / 50-day EMA    
  • SUP 2: 0.8299/41 Low Mar 5 / 3 and a near-term bear trigger 
  • SUP 3: 0.8223 Low Dec 19 and a key support  
  • SUP 4: 0.8203 Low Mar 7 ‘22 and a lowest point of a multi-year range

A bull cycle in EURGBP remains in play and this week’s gains reinforce a bullish theme. The cross has breached 0.8419, 76.4% of the Jan 20 - Mar 3 bear leg. This paves the way for a climb towards 0.8474, the Jan 20 high and the next key resistance. On the downside, initial firm support is seen at 0.8338, the 50-day EMA. The short-term trend is in overbought territory. A pullback would allow this set-up to unwind.

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  • RES 4: 0.8530 76.4% retracement of the Aug 8 - Dec 19 ‘24 bear leg         
  • RES 3: 0.8494 High Aug 26 ‘24 
  • RES 2: 0.8474 High Jan 20 and a key resistance
  • RES 1: 0.8450 High Mar 11    
  • PRICE: 0.8398 @ 06:33 GMT Mar 13 
  • SUP 1: 0.8378/8338 Low Mar 10 / 50-day EMA    
  • SUP 2: 0.8299/41 Low Mar 5 / 3 and a near-term bear trigger 
  • SUP 3: 0.8223 Low Dec 19 and a key support  
  • SUP 4: 0.8203 Low Mar 7 ‘22 and a lowest point of a multi-year range

A bull cycle in EURGBP remains in play and this week’s gains reinforce a bullish theme. The cross has breached 0.8419, 76.4% of the Jan 20 - Mar 3 bear leg. This paves the way for a climb towards 0.8474, the Jan 20 high and the next key resistance. On the downside, initial firm support is seen at 0.8338, the 50-day EMA. The short-term trend is in overbought territory. A pullback would allow this set-up to unwind.