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Remains Below The Aug 12 High

EURGBP TECHS
  • RES 4: 0.8627 High Jul 4
  • RES 3: 0.8585 High Jul 21 and a key resistance
  • RES 2: 0.8525 High Jul 25
  • RES 1: 0.8493 High Aug 12
  • PRICE: 0.8446 @ 06:20 BST Aug 18
  • SUP 1: 0.8388/40 Low Aug 17 / 2 and the bear trigger
  • SUP 2: 0.8313 Low Apr 22
  • SUP 3: 0.8270 2.0% 10-dma envelope and low Apr 14
  • SUP 4: 0.8250 Low Apr 14

EURGBP traded higher Wednesday but has remained below 0.8493, the Aug 12 high. The broader outlook is bearish. Price action since mid-June has established a sequence of lower lows and lower highs and moving average studies are in a bear mode set-up too, reinforcing a bearish theme. A continuation lower would open 0.8313, Apr 22 low. The bear trigger is 0.8340, Aug 2 low. Last Friday’s high of 0.8493 is the first key short-term resistance.

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