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Remains In A Downtrend

EURGBP TECHS
  • RES 4: 0.8595/98 High Nov 5 / 76.4% of the Sep 29 - Oct 26 sell-off
  • RES 3: 0.8538/74 High Nov 15 / High Nov 11
  • RES 2: 0.8505 50-day EMA
  • RES 1: 0.8463/64- Nov 3 low / 20-day EMA
  • PRICE: 0.8416 @ 06:22 GMT Nov 19
  • SUP 1: 0.8383 Low Nov 18
  • SUP 2: 0.8356 Low Feb 26, 2020
  • SUP 3: 0.8339 Low Feb 25, 2020
  • SUP 4: 0.8282/77 Low Feb 18, 2020 / Low Dec 13, 2019

EURGBP remains in a downtrend following this week's sharp sell-off. The recent key technical break has been the move though support at 0.8403, Oct 26 low. The break reinforces bearish conditions and confirms a resumption of the broader downtrend. This has opened 0.8356 next, the Feb 26, 2020 low. Note too that the cross is approaching the base - at 0.8300 - of a broad multi-year range. Initial resistance is seen at 0.8463.

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