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Impulsive Rally Extends

EURGBP TECHS
  • RES 4: 0.8679 High Jul 1 and a key resistance
  • RES 3: 0.8646 2.0% 10-dma envelope
  • RES 2: 0.8631 76.4% retracement of the Jun 15 - Aug 2 downleg
  • RES 1: 0.8604 High Aug 30
  • PRICE: 0.8592 @ 06:32 BST Aug 31
  • SUP 1: 0.8512 High Aug 19 and a recent breakout level
  • SUP 2: 0.8470/8408 20-day EMA / Low Aug 23
  • SUP 3: 0.8388/40 Low Aug 17 / 2 and the bear trigger
  • SUP 4: 0.8313 Low Apr 22

EURGBP traded higher Tuesday and the latest rally continues to accelerate. The cross has cleared a number of short-term resistance points recently and yesterday traded above 0.8585, the Jul 21 low. The 0.8600 handle has also been pierced to put prices at the best levels since early July. This strengthens the current bullish outlook and attention is 0.8631, a Fibonacci retracement. Initial support is seen at 0.8512, the Aug 19 high.

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