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Short-Term Outlook Remains Bullish

EURGBP TECHS
  • RES 4: 0.8553 High Feb 14
  • RES 3: 0.8498/8535 High Dec 23 / 2.0% 10-dma envelope
  • RES 2: 0.8478 High Feb 7 and a bull trigger
  • RES 1: 0.8458 Mar 17 High
  • PRICE: 0.8363 @ 06:46 GMT Mar 22
  • SUP 1: 0.8355/17 Low Mar 14 / Low Mar 9
  • SUP 2: 0.8278 Low Mar 7
  • SUP 3: 0.8203 Low Mar 7 and the bear trigger
  • SUP 4: 0.8131 Low Jun 27, 2016

EURGBP remains in consolidation mode. The short-term outlook is unchanged and bullish. The cross has recently traded above 0.8406, the Feb 25 high. This has strengthened the short-term bullish condition and signals scope for a climb towards the next resistance at 0.8478, the Feb 7 high. On the downside, firm support to watch is seen at 0.8317, the Mar 9 low. A break of this level would highlight a potential reversal.

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