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EURGBP TECHS: Monitoring Resistance

EURGBP TECHS
Foreign Exchange Technical AnalysisCEEMEABulletUKMarketsForeign Exchange Bullets
  • RES 4: 0.8448 High Oct 31 and reversal trigger
  • RES 3: 0.8376 High Nov 19 and a bull trigger 
  • RES 2: 0.8356 High Nov 27
  • RES 1: 0.8320 50-day EMA 
  • PRICE: 0.8288 @ 16:51 GMT Dec 20  
  • SUP 1: 0.8222 Low Dec 20
  • SUP 2: 0.8203 Low Mar 7 2022 and a major support 
  • SUP 3: 0.8200 Round number support
  • SUP 4: 0.8188 1.00 proj of the Oct 31 - Nov 11 - 19 price swing

EURGBP traded higher Thursday however, for now, the cross continues to trade below resistance at 0.8320, the 50-day EMA. A clear breach of this EMA would undermine the bear theme and signal scope for a stronger recovery. The trend direction remains down and support at 0.8225, the Dec 11 low, has been pierced. A clear break of it would open the major support at 0.8203, the Mar 7 ‘22 low and the lowest point of a multi-year range.  

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  • RES 4: 0.8448 High Oct 31 and reversal trigger
  • RES 3: 0.8376 High Nov 19 and a bull trigger 
  • RES 2: 0.8356 High Nov 27
  • RES 1: 0.8320 50-day EMA 
  • PRICE: 0.8288 @ 16:51 GMT Dec 20  
  • SUP 1: 0.8222 Low Dec 20
  • SUP 2: 0.8203 Low Mar 7 2022 and a major support 
  • SUP 3: 0.8200 Round number support
  • SUP 4: 0.8188 1.00 proj of the Oct 31 - Nov 11 - 19 price swing

EURGBP traded higher Thursday however, for now, the cross continues to trade below resistance at 0.8320, the 50-day EMA. A clear breach of this EMA would undermine the bear theme and signal scope for a stronger recovery. The trend direction remains down and support at 0.8225, the Dec 11 low, has been pierced. A clear break of it would open the major support at 0.8203, the Mar 7 ‘22 low and the lowest point of a multi-year range.