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Monitoring Resistance At The 50-Day EMA

  • RES 4: 0.8701 High Jul 19 and a key resistance
  • RES 3: 0.8669 High Aug 11
  • RES 2: 0.8647 100-dma
  • RES 1: 0.8595 50-day EMA
  • PRICE: 0.8588 @ 15:32 BST Aug 28
  • SUP 1: 0.8536/8493 Low Aug 24 / 23 and the bear trigger
  • SUP 2: 0.8469 1.0% 10-dma envelope
  • SUP 3: 0.8454 61.8% retracement of the Mar 7 - Sep 26 2022 bull leg
  • SUP 4: 0.8408 Low Aug 24 2022

EURGBP is holding onto its most recent gains and remains above last week’s low of 0.8493 (Aug 23). Attention is on resistance at the 50-day EMA, at 0.8595. Clearance of this level would strengthen a short-term bullish condition and suggest scope for a stronger correction. Moving average studies continue to highlight a primary downtrend, the bear trigger lies at 0.8493, the Aug 23 low.

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