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EURGBP TECHS: Pierces Resistance At The 50-Day EMA

EURGBP TECHS
Foreign Exchange Technical AnalysisCEEMEABulletUKMarketsForeign Exchange Bullets
  • RES 4: 0.8448 High Oct 31 and reversal trigger
  • RES 3: 0.8376 High Nov 19 and a bull trigger 
  • RES 2: 0.8356 High Nov 27
  • RES 1: 0.8319 50-day EMA 
  • PRICE: 0.8293 @ 05:26 GMT Dec 27
  • SUP 1: 0.8223 Low Dec 19
  • SUP 2: 0.8203 Low Mar 7 2022 and a major support 
  • SUP 3: 0.8200 Round number support
  • SUP 4: 0.8188 1.00 proj of the Oct 31 - Nov 11 - 19 price swing

EURGBP continues to trade above its recent lows. Resistance at 0.8319, the 50-day EMA, has been pierced - but failed to trigger a sharper move higher. A clear breach here would undermine the bear theme and signal scope for a stronger recovery. The trend direction remains down and support at 0.8225, the Dec 11 low, has recently been broken. A clear break of it would open the major support at 0.8203, the Mar 7 ‘22 low and the lowest point of a multi-year range.  

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  • RES 4: 0.8448 High Oct 31 and reversal trigger
  • RES 3: 0.8376 High Nov 19 and a bull trigger 
  • RES 2: 0.8356 High Nov 27
  • RES 1: 0.8319 50-day EMA 
  • PRICE: 0.8293 @ 05:26 GMT Dec 27
  • SUP 1: 0.8223 Low Dec 19
  • SUP 2: 0.8203 Low Mar 7 2022 and a major support 
  • SUP 3: 0.8200 Round number support
  • SUP 4: 0.8188 1.00 proj of the Oct 31 - Nov 11 - 19 price swing

EURGBP continues to trade above its recent lows. Resistance at 0.8319, the 50-day EMA, has been pierced - but failed to trigger a sharper move higher. A clear breach here would undermine the bear theme and signal scope for a stronger recovery. The trend direction remains down and support at 0.8225, the Dec 11 low, has recently been broken. A clear break of it would open the major support at 0.8203, the Mar 7 ‘22 low and the lowest point of a multi-year range.