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S/T Outlook Appears Bullish Despite Recent Pullback

EURGBP TECHS
  • RES 4: 0.8925 High Mar 7 and a key resistance
  • RES 3: 0.8918 76.4% retracement of the Feb 3 - Mar 15 bear leg
  • RES 2: 0.8888 Trendline drawn from the Feb 3 high
  • RES 1: 0.8827 High Mar 24
  • PRICE: 0.8781 @ 18:25 BST Mar 28
  • SUP 1: 0.8772 Low Mar 22
  • SUP 2: 0.8719 Low Mar 15 and key support
  • SUP 3: 0.8712 61.8% retracement of the Dec 1 - Feb 3 bull leg
  • SUP 4: 0.8691 Low Dec 19

EURGBP remains below last week’s high of 0.8866 (Mar 23). Recent gains have highlighted a bullish picture and attention is on a key short-term trendline resistance at 0.8888. The trendline is drawn from the Feb 3 high and a break would strengthen bullish conditions. On the downside, key support to watch has been defined at 0.8719, the Mar 15 low. Clearance of this level would instead reinstate a recent bearish theme.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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