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Key Support Remains Intact

EURGBP TECHS
  • RES 4: 0.8512 High Dec 22
  • RES 3: 0.8480 61.8% retracement of the Dec 8 - Feb 3 downleg
  • RES 2: 0.8432/78 High Feb 11 / High Feb 7
  • RES 1: 0.8383/8403 High Feb 22 / High Feb 16
  • PRICE: 0.8355 @ 06:19 GMT Feb 25
  • SUP 1: 0.8306/8285 Low Feb 24 / Low Feb 3 and key support
  • SUP 2: 0.8282/77 Low Feb’20 / Dec’19 and key bear trigger
  • SUP 3: 0.8242 50% Fibonacci Retracement 2015-2020 Upleg
  • SUP 4: 0.8238 0.764 proj of the Dec 8 - Feb 3 - 7 Price swing

EURGBP traded below 0.8311 Thursday, the June 22 low to again reinforce the dominant bearish theme. A continuation lower would expose support and the near-term bear trigger of 0.8285, the Feb 3 low. Clearance of this level would signal a resumption of the downtrend. If the cross can hold above 0.8285 and clear initial resistance at 0.8383, the Feb 22 high, this would represent a short-term bullish development.

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