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Pressuring The 0.8700 Handle

EURGBP TECHS
  • RES 4: 0.8925 High Jan 18 and key resistance
  • RES 3: 0.8886 50-day EMA
  • RES 2: 0.8840 High Feb 4
  • RES 1: 0.8797/8804 High Feb 9 / 20-day EMA
  • PRICE: 0.8705 @ 06:12 GMT Feb 17
  • SUP 1: 0.8697 Low Feb 16
  • SUP 2: 0.8691 Low May 5, 2020
  • SUP 3: 0.8671 Low Apr 30, 2020 and a key support
  • SUP 4: 0.8595 2.0% 10-dma envelope

EURGBP traded lower again Tuesday and touched 0.8697. Bearish conditions remain intact. Moving average conditions are also in a bear mode set-up and this highlightS the current path of least resistance. The focus is on a clear break of the 0.8700 handle next with sights set on 0.8691, May 5, 220 low and 0.8671, Apr 30, 2020 low. On the upside, initial firm resistance is at 0.8797, Feb 9 high and 0.8804, the 20-day EMA. Bearish!

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