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Key Resistance Remains Exposed

  • RES 4: 0.8840 High Feb 2
  • RES 3: 0.8811 1.236 proj of the Apr 14 - Jun 15 - Aug 2 price swing
  • RES 2: 0.8721 High Jun 15 and a medium-term bull trigger
  • RES 1: 0.8712 High Sep 8
  • PRICE: 0.8672 @ 16:09 BST Sep 9
  • SUP 1: 0.8567 Low Sep 6
  • SUP 2: 0.8558 20-day EMA
  • SUP 3: 0.8514 50-day EMA
  • SUP 4: 0.8471 Low Aug 29

EURGBP largely held on to the week’s gains into the Friday close. Price has topped 0.8679, the Jul 1 high. The breach strengthens bullish conditions and exposes the key resistance at 0.8721, the Jun 15 high and an important bull trigger. Clearance of 0.8721 would confirm a resumption of the bull cycle that started early March. On the downside, initial firm support is seen at 0.8567, the Sep 6 low.

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