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Key Resistance Remains Exposed

EURGBP TECHS
  • RES 4: 0.8852 50.0% retracement of the 2020 - 2022 downleg
  • RES 3: 0.8840 High Feb 2
  • RES 2: 0.8811 1.236 proj of the Apr 14 - Jun 15 - Aug 2 price swing
  • RES 1: 0.8721/22 High Jun 15 / High Sep 12
  • PRICE: 0.8671 @ 06:26 BST Sep 14
  • SUP 1: 0.8648 Low Sep 13
  • SUP 2: 0.8567 Low Sep 6 and a key short-term support
  • SUP 3: 0.8532 50-day EMA
  • SUP 4: 0.8471 Low Aug 29

EURGBP is consolidating but maintains a bullish tone and the cross is trading closer to its recent highs. Attention is on key resistance at 0.8721, the Jun 15 high and an important bull trigger. This level was pierced Monday. A clear break would confirm a resumption of the bull cycle that started early March and open 0.8811, a Fibonacci projection. On the downside, initial firm support is unchanged at 0.8567, the Sep 6 low

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