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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: 0.8694 @ 16:38 GMT Feb 17
  • SUP 1: 0.8680 Low Feb 17
  • SUP 2: 0.8671 Low Apr 30 2020
  • SUP 3: 0.8660 1.0% 10-dma envelope
  • SUP 4: 0.8570 76.4% Feb-Mar 2020 Rally

EURGBP traded lower still Wednesday, hitting new cycle lows of 0.8680. This narrows the gap with the April 2020 lows and firms the current bearish condition. Moving average conditions are also in a bear mode set-up and this highlights the current path of least resistance. On the upside, initial firm resistance is at 0.8797, Feb 9 high and 0.8804, the 20-day EMA. Bearish!

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

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