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Short-Term Outlook Remains Bullish

EURGBP TECHS
  • RES 4: 0.8624 High Oct 1
  • RES 3: 0.8595 High Nov 5 and a key resistance
  • RES 2: 0.8593 76.4% Oct - Nov Sell-Off
  • RES 1: 0.8586 High Dec 8
  • PRICE: 0.8573 @ 16:14 GMT Dec 8
  • SUP 1: 0.8485 20-day EMA
  • SUP 2: 0.8446 Low Nov 29
  • SUP 3: 0.8411/8381 Low Nov 26 / Low Nov 22
  • SUP 4: 0.8356 Low Feb 26, 2020

EURGBP rallied Wednesday as GBP weakness was prevalent across markets. This keeps the short-term condition bullish, with the recent breach of 0.8544, 76.4% of the Nov 5 - 22 sell-off suggesting scope for an extension towards a key short-term resistance at 0.8595, the Nov 5 high. The first support to watch is 0.8483. A clear break would signal a potential top and allow for a deeper sell-off.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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