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MA Studies Suggest Trend Remains Up

  • RES 4: 0.9066/9266 High Sep 28 / High Sep 26 and key resistance
  • RES 3: 0.8980 High Sep 29
  • RES 2: 0.8867 High Oct 12
  • RES 1: 0.8776/8829 High Nov 16 / 09 and the bull trigger
  • PRICE: 0.8687 @ 06:48 GMT Nov 23
  • SUP 1: 0.8614 100-dma
  • SUP 2: 0.8560/59 Low Oct 31 / 76.4% of Aug 2 - Sep 26 rally
  • SUP 3: 0.8522 Low Aug 30
  • SUP 4: 0.8471 Low Aug 28

EURGBP edged lower Tuesday, breaking out of its recent tight range. The move lower extends the pullback from the 0.8829 high on Nov 9. A continuation would expose the Oct 31 low of 0.8560, where a break would resume bearish activity. Moving average studies remain in a bull mode position and this continues to suggest that the broader uptrend is intact. A break of 0.8829 would be bullish.

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