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Narrows Gap With Support

EURGBP TECHS
  • RES 4: 0.8867 High Oct 12
  • RES 3: 0.8829 High Nov 09 and the bull trigger
  • RES 2: 0.8778 High Nov 16
  • RES 1: 0.8663 50-day EMA
  • PRICE: 0.8570 @ 15:48 GMT Dec 9
  • SUP 1: 0.8547 Low Dec 1, 200-dma and bear trigger
  • SUP 2: 0.8522 Low Aug 30
  • SUP 3: 0.8471 Low Aug 28
  • SUP 4: 0.8449 1.236 proj of the Oct 12 - 31 - Nov 9 price swing

EURGBP edged toward the bottom-end of the week's range into the Friday close - with support layered between 0.8556-62 but seen stronger into the 200-dma/Dec 1 low, both of which cross at 0.8547. Weakness through here would be the cross at the lowest levels since late August. This week’s price action keeps the bearish threat present for now. Attention is on the Oct 31 low of 0.8560 that was pierced on Dec 1. A clear break would strengthen a bearish theme and open 0.8522, Aug 30 low.

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