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Pierces Key Support

EURGBP TECHS
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange News
  • RES 4: 0.8925 High Mar 7 and a key resistance
  • RES 3: 0.8908 Trendline drawn from the Feb 3 high
  • RES 2: 0.8890 High Mar 10
  • RES 1: 0.8844 High Mar 15
  • PRICE: 0.8768 @ 16:42 GMT Mar 16
  • SUP 1: 0.8719 Low Mar 15 and key support
  • SUP 2: 0.8712 61.8% retracement of the Dec 1 - Feb 3 bull leg
  • SUP 3: 0.8691 Low Dec 19
  • SUP 4: 0.8649 76.4% retracement of the Dec 1 - Feb 3 bull leg

EURGBP traded lower Wednesday, marking an extension of the pullback from 0.8925, the Mar 7 high. The cross has breached support at 0.8755, the Feb 28 low and has pierced 0.8722, the Jan 19 low. Clearance of this level would leave the 0.8700 handle exposed. The cross has bounced from Wednesday’s low. Initial firm resistance is seen at Wednesday’s high of 0.8844. A breach of this resistance is required to ease bearish pressure.

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  • RES 4: 0.8925 High Mar 7 and a key resistance
  • RES 3: 0.8908 Trendline drawn from the Feb 3 high
  • RES 2: 0.8890 High Mar 10
  • RES 1: 0.8844 High Mar 15
  • PRICE: 0.8768 @ 16:42 GMT Mar 16
  • SUP 1: 0.8719 Low Mar 15 and key support
  • SUP 2: 0.8712 61.8% retracement of the Dec 1 - Feb 3 bull leg
  • SUP 3: 0.8691 Low Dec 19
  • SUP 4: 0.8649 76.4% retracement of the Dec 1 - Feb 3 bull leg

EURGBP traded lower Wednesday, marking an extension of the pullback from 0.8925, the Mar 7 high. The cross has breached support at 0.8755, the Feb 28 low and has pierced 0.8722, the Jan 19 low. Clearance of this level would leave the 0.8700 handle exposed. The cross has bounced from Wednesday’s low. Initial firm resistance is seen at Wednesday’s high of 0.8844. A breach of this resistance is required to ease bearish pressure.