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Recovers From Recent Lows

EURGBP TECHS
  • RES 4: 0.8512 High Dec 22
  • RES 3: 0.8480 61.8% retracement of the Dec 8 - Feb 3 downleg
  • RES 2: 0.8432/78 High Feb 11 / High Feb 7
  • RES 1: 0.8406 High Feb 25
  • PRICE: 0.8399 @ 19:27 GMT Feb 25
  • SUP 1: 0.8306/8285 Low Feb 24 / Low Feb 3 and key support
  • SUP 2: 0.8282/77 Low Feb’20 / Dec’19 and key bear trigger
  • SUP 3: 0.8242 50% Fibonacci Retracement 2015-2020 Upleg
  • SUP 4: 0.8238 0.764 proj of the Dec 8 - Feb 3 - 7 Price swing

EURGBP traded below 0.8311 Thursday, the June 22 low to again reinforce the dominant bearish theme. However, price action managed to recover leaving the key support at 0.8285 intact, Feb 3 low. For bears, clearance of this level would resume the downtrend. The rebound however is a positive development. A clear break of 0.8403 (probed) would strengthen bullish conditions and open 0.8432, the Feb 11 high.

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