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Sharp Bounce Off Lows

EURGBP TECHS
  • RES 4: 0.8676 High Jan 3
  • RES 3: 0.8620 High Jan 20
  • RES 2: 0.8572/8585 High Feb 5 and 6 / 50-day EMA
  • RES 1: 0.8549 20-day EMA
  • PRICE: 0.8547 @ 16:38 GMT Feb 14
  • SUP 1: 0.8493 Low Aug 23 2023 and a key medium-term support
  • SUP 2: 0.8454 61.8% of the Mar 7 - Sep 26 ‘23 bull phase
  • SUP 3: 0.8388 Low Aug 17 2023
  • SUP 4: 0.8340 Low Aug 2 2022

The cross snapped higher Wednesday on the back of soft UK inflation data, however the cross is still broadly flat on the week. Overall, a bearish theme in EURGBP remains intact and the cross traded lower Tuesday, breaching support at 0.8513, the Jan 29 low and a bear trigger. The break confirms a resumption of the bear cycle with the next objective at 0.8493, the Aug 23 ‘23 low and a key support. Moving average studies remain in a bear-mode position and this continues to highlight bearish market sentiment. Initial resistance is at 0.8549, the 20-day EMA.

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