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Key Support Remains Exposed

EURGBP TECHS
  • RES 4: 0.8719 High May 23 and a congestion high
  • RES 3: 0.8701 High Jul 19 and a key resistance
  • RES 2: 0.8660/8669 100-dma / High Aug 11
  • RES 1: 0.8607 50-day EMA
  • PRICE: 0.8536 @ 21:00 BST Aug 18
  • SUP 1: 0.8515 1.0% 10-dma envelope
  • SUP 2: 0.8504 Low Jul 11 and key support
  • SUP 3: 0.8471 Low Aug 29 2022
  • SUP 4: 0.8424 Low Aug 25 2022

EURGBP traded lower again last week, extending the current bear cycle that started from 0.8669, the Aug 11 high. The cross has breached support at 0.8544, the Jul 27 low and a recent key short-term level. The clear break strengthens bearish conditions and signals scope for weakness towards 0.8504, the Jul 11 low and a bear trigger. The first key short-term hurdle for bulls is 0.8669.

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