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Range Breakout

EURGBP TECHS
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
  • RES 4: 0.8665 61.8% retracement of the Nov 20 - Feb 14 bear cycle
  • RES 3: 0.8640 High Jan 4
  • RES 2: 0.8633 50.0% retracement of the Nov 20 - Feb 14 bear cycle
  • RES 1: 0.8618 High Apr 19 / High Mar 22 and key resistance
  • PRICE: 0.8612 @ 06:25 BST Apr 22
  • SUP 1: 0.8563 50-day EMA
  • SUP 2: 0.8521/8504 Low Apr 17 / Low Mar 8
  • SUP 3: 0.8498/93 Low Feb 14 / Low Aug 23 2023 and key support
  • SUP 4: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase

A strong rally Friday in EURGBP resulted in a break of resistance at 0.8602, the Mar 22 high and a key resistance. A continuation higher would highlight a range breakout and a continuation of the bull cycle that started Feb 14. This would open 0.8633, a Fibonacci retracement. On the downside, initial support to watch lies at 0.8563, the 50-day EMA. A break of this EMA would be viewed as a bearish development.

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  • RES 4: 0.8665 61.8% retracement of the Nov 20 - Feb 14 bear cycle
  • RES 3: 0.8640 High Jan 4
  • RES 2: 0.8633 50.0% retracement of the Nov 20 - Feb 14 bear cycle
  • RES 1: 0.8618 High Apr 19 / High Mar 22 and key resistance
  • PRICE: 0.8612 @ 06:25 BST Apr 22
  • SUP 1: 0.8563 50-day EMA
  • SUP 2: 0.8521/8504 Low Apr 17 / Low Mar 8
  • SUP 3: 0.8498/93 Low Feb 14 / Low Aug 23 2023 and key support
  • SUP 4: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase

A strong rally Friday in EURGBP resulted in a break of resistance at 0.8602, the Mar 22 high and a key resistance. A continuation higher would highlight a range breakout and a continuation of the bull cycle that started Feb 14. This would open 0.8633, a Fibonacci retracement. On the downside, initial support to watch lies at 0.8563, the 50-day EMA. A break of this EMA would be viewed as a bearish development.