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Outlook Remains Bullish

EURGBP TECHS
  • RES 4: 0.8992 61.8% Retracement of the Sep 26 - Dec 1 bear leg
  • RES 3: 0.8980 High Sep 29
  • RES 2: 0.8907 50.0% retracement of the Sep 26 - Dec 1 bear leg
  • RES 1: 0.8852/97 High Jan 25 / 13 and the bull trigger
  • PRICE: 0.8768 @ 06:01 GMT Jan 30
  • SUP 1: 0.8761/22 50-day EMA / Low Jan 19
  • SUP 2: 0.8691 Low Dec 19
  • SUP 3: 0.8630 76.4% retracement of the Dec 1 - Jan 13 bull cycle
  • SUP 4: 0.8593 Low Dec 15

EURGBP traded lower again Friday but the cross remains above the key short-term support at 0.8722, the Jan 19 low. A break of this level is required to reinstate a recent bearish threat. For bulls, a resumption of gains would expose resistance at 0.8897, the Jan 13 high and a bull trigger. Clearance of this level would confirm a resumption of the bull cycle that started early December last year.

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