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Rallies Sharply Higher

EURGBP TECHS
  • RES 4: 0.9220 High Sep 22
  • RES 3: 0.919076.4% retracement of the Sep 11 - Nov 11 downleg
  • RES 2: 0.9162 High Oct 7
  • RES 1: 0.9137 High Dec 7
  • PRICE: 0.9124 @ 11:01 GMT Dec 7
  • SUP 1: 0.9029 Intraday low
  • SUP 2: 0.8983 Low Dec 4
  • SUP 3: 0.8968 Former trendline resistance drawn off the Sep 11 high
  • SUP 4: 0.8929 Low Dec 1

EURGBP maintains a bullish and is up sharply this morning. The cross has probed 61.8% of the Sep 11 - Nov 11 sell-off, at 0.9127. Stronger gains would open 0.9162, Oct 7 high. Last week's break of trendline resistance drawn off the Sep 11 high continues to highlight a bullish technical theme. On the downside, initial support lies at 0.9029, today's intraday low. A break would neutralise today's bullish signal however note that key support is at 0.8968.

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