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Key Support Remains Exposed

EURGBP TECHS
  • RES 4: 0.8701 High Jul 19 and a key resistance
  • RES 3: 0.8653/8669 100-dma / High Aug 11
  • RES 2: 0.8599 50-day EMA
  • RES 1: 0.8577 20-day EMA
  • PRICE: 0.8516 @ 06:31 BST Aug 23
  • SUP 1: 0.8514 Low Aug 22
  • SUP 2: 0.8504/8491 Low Jul 11 key support / 1.0% 10-dma envelop
  • SUP 3: 0.8471 Low Aug 29 2022
  • SUP 4: 0.8454 61.8% retracement of the Mar 7 - Sep 26 2022 bull leg

EURGBP traded lower into the close yesterday reinforcing bearish conditions. The move lower has exposed 0.8504, the Jul 11 low and a bear trigger. A break of this level would confirm a resumption of the medium-term downtrend and signal scope for weakness towards 0.8454, a Fibonacci retracement point. On the upside, resistance to watch is 0.8577, the 20-day EMA. The 50-day EMA is at 0.8599.

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