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Short-Term Conditions Remain Bullish

EURGBP TECHS
  • RES 4: 0.8670 High Jul 20
  • RES 3: 0.8658 High Sep 29 and key resistance
  • RES 2: 0.8624 High Oct 1
  • RES 1: 0.8598 76.4% retracement of the Sep 29 - Oct 26 sell-off
  • PRICE: 0.8542 @ 15:48 GMT Nov 12
  • SUP 1: 0.8518 50-day EMA
  • SUP 2: 0.8463/41 Low Nov 3 / Low Nov 1
  • SUP 3: 0.8403 Low Oct 26 and the bear trigger
  • SUP 4: 0.8356 Low Feb 26, 2020

EURGBP is unchanged and continues to trade below 0.8595, Nov 5 high. The short-term outlook remains bullish. Recent gains confirmed a breach of the 50-day EMA and the break has improved short-term conditions for bulls, signaling scope for an extension higher. 0.8561, 61.8% of the Sep 29 - Oct 26 sell-off, has been cleared and this opens 0.8598, the 76.4% retracement. Initial firm support is unchanged at 0.8463, Nov 3 low.

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