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Remains In A Short-Term Downtrend

EURGBP TECHS
  • RES 4: 0.8875 High Apr 25 and a key resistance
  • RES 3: 0.8835 High May 3
  • RES 2: 0.8793 61.8% retracement of the Feb 3 - Aug 23 downleg
  • RES 1: 0.8725/68 High Nov 22 / 20 and the bull trigger
  • PRICE: 0.8669 @ 06:36 GMT Nov 28
  • SUP 1: 0.8658 Low Nov 27
  • SUP 2: 0.8650 Low Nov 6 and a key support
  • SUP 3: 0.8616 Low Oct 11 and a reversal trigger
  • SUP 4: 0.8569 Low Sep 15 and a key support

EURGBP traded lower again Monday and the cross remains in a short-term downtrend. Price has breached support at the 50-day EMA and is through the 200-dma. The move lower signals scope for a deeper retracement with sights on 0.8650, the Nov 6 low and a key support. A break of this level would strengthen a bearish threat. The bull trigger has been defined at 0.8768, the Nov 20 high. Clearance of this hurdle would resume the uptrend.

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