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New Lows Into Year End

EURGBP TECHS
  • RES 4: 0.8658 High Sep 29 and a key resistance
  • RES 3: 0.8624 High Oct 1
  • RES 2: 0.8600 High Dec 8 and the bull trigger
  • RES 1: 0.8500/53 50-day EMA / High Dec 10 / 14 and key resistance
  • PRICE: 0.8395 @ 15:05 GMT Dec 31
  • SUP 1: 0.8368 Low Dec 31
  • SUP 2: 0.8362 1.0% 10-dma envelope
  • SUP 3: 0.8356 Low Feb 26, 2020
  • SUP 4: 0.8282/77 Low Feb’20 / Dec’19 and key bear trigger

EURGBP remains acutely weak and printed fresh multi-year lows just ahead of year-end. This puts the cross well below support at 0.8411 and has strengthened the short-term bearish condition. The move lower also took out key support at 0.8381, Nov 22 low, opening the bear trigger at 0.8282/77. Initial firm resistance is unchanged at 0.8553, Dec 10 / 14 high. Clearance of this level is required to reinstate the recent bullish theme.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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