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Resumes Short--Term Gains

EURGBP TECHS
  • RES 4: 0.8624/58 High Oct 1 / High Sep 29
  • RES 3: 0.8598 76.4% retracement of the Sep 29 - Oct 26 sell-off
  • RES 2: 0.8561 61.8% retracement of the Sep 29 - Oct 26 sell-off
  • RES 1: 0.8531 50.0% retracement of the Sep 29 - Oct 26 sell-off
  • PRICE: 0.8523 @ 12:18 GMT Nov 4
  • SUP 1: 0.8463/41 Intraday low / Low Nov 1 /
  • SUP 2: 0.8403 Low Oct 26 and the bear trigger
  • SUP 3: 0.8375/56 1.0% 10-dma envelope / Low Feb 26, 2020
  • SUP 4: 0.8339 Low Feb 25, 2020

EURGBP bids return and the cross has moved above Tuesday's high 0.8514. The break higher also highlights a breach of the 50-day EMA at 0.8507. A clear break of this EMA would further improve short-term conditions for bulls and signal scope for a stronger recovery. This would open 0.8561, 61.8% of the Sep 29 - Oct 26 sell-off. Initial support lies at today's intraday low of 0.8463.

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