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CANADA AUGUST FLASH FACTORY SALES +1%; FLASH WHOLESALE +2.6%

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Resistance Remains Intact

EURGBP TECHS
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange News
  • RES 4: 0.8701 High Jul 19 and a key resistance
  • RES 3: 0.8669 High Aug 11
  • RES 2: 0.8625 100-dma
  • RES 1: 0.8611 High Aug 30
  • PRICE: 0.8577 @ 06:11 BST Sep 8
  • SUP 1: 0.8524 Low Sep 06
  • SUP 2: 0.8493 Low Aug 23 and the bear trigger
  • SUP 3: 0.8485 1.0% 10-dma envelope
  • SUP 4: 0.8454 61.8% retracement of the Mar 7 - Sep 26 2022 bull leg

Despite initial gains Thursday, a bear threat in EURGBP remains present and the cross continues to trade below 0.8611, the Aug 30 high. Gains have recently stalled above the 50-day EMA - at 0.8587. A clear break of this average and 0.8611 is required to strengthen a short-term bullish theme. For now, MA studies continue to highlight a medium-term downtrend, the bear trigger is 0.8493, Aug 23 low. First key support lies at 0.8524, the Sep 5 low.

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  • RES 4: 0.8701 High Jul 19 and a key resistance
  • RES 3: 0.8669 High Aug 11
  • RES 2: 0.8625 100-dma
  • RES 1: 0.8611 High Aug 30
  • PRICE: 0.8577 @ 06:11 BST Sep 8
  • SUP 1: 0.8524 Low Sep 06
  • SUP 2: 0.8493 Low Aug 23 and the bear trigger
  • SUP 3: 0.8485 1.0% 10-dma envelope
  • SUP 4: 0.8454 61.8% retracement of the Mar 7 - Sep 26 2022 bull leg

Despite initial gains Thursday, a bear threat in EURGBP remains present and the cross continues to trade below 0.8611, the Aug 30 high. Gains have recently stalled above the 50-day EMA - at 0.8587. A clear break of this average and 0.8611 is required to strengthen a short-term bullish theme. For now, MA studies continue to highlight a medium-term downtrend, the bear trigger is 0.8493, Aug 23 low. First key support lies at 0.8524, the Sep 5 low.