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Short-Term Resistance Remains Intact

EURGBP TECHS
  • RES 4: 0.8498 High Dec 23
  • RES 3: 0.8465 High Dec 24
  • RES 2: 0.8419/21 High Jan 3 / 50-day EMA
  • RES 1: 0.8379 High Jan 18 and key near-term resistance
  • PRICE: 0.8357 @ 06:24 GMT Jan 24
  • SUP 1: 0.8305 Low Jan 20, lowest since 2020
  • SUP 3: 0.8300 Base of the multi-year broad range
  • SUP 4: 0.8282/77 Low Feb’20 / Dec’19 and key bear trigger
  • SUP 4: 0.8242 50% Fibonacci Retracement 2015-2020 Upleg

EURGBP traded once again to a fresh multiyear low of 0.8305 last week. This reinforces the current bearish theme with attention on the major support and bear triggers at 0.8282/77, the Feb’20 and Dec’19 lows. The focus is also on the base of a broad multi-year range at 0.8300 - a key pivot chart point. Initial firm resistance is at 0.8379, Jan 18 high. A break would signal scope for a stronger short-term correction.

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