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Off Highs, But Remains Bullish

EURGBP TECHS
  • RES 4: 0.8658 High Sep 28 2021
  • RES 3: 0.8624 High Oct 1 2021
  • RES 2: 0.8600 High Dec 8 2022
  • RES 1: 0.8554 2.0% 10-dma envelope
  • PRICE: 0.8448 @ 16:26 GMT Mar 31
  • SUP 1: 0.8433/8386 Low Mar 31 / Low Mar 29
  • SUP 2: 0.8296 Low Mar 23 and a key support
  • SUP 3: 0.8278 Low Mar 7
  • SUP 4: 0.8203 Low Mar 7 and the bear trigger

EURGBP faded off highs Thursday, but remains strong on the week. The cross has this week cleared a key short-term resistance at 0.8458, Mar 17 high, highlighting a reversal. The break also confirms a resumption of the uptrend that started Mar 7 and signals scope for an extension near-term. With prices above 0.8500, the focus shifts to 0.8554, the upper band of the 2.0% 10-dma envelope. Initial firm support is at Tuesday’s low of 0.8386.

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

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