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Signs of a Top

EURGBP TECHS
  • RES 4: 0.8768 High May 5
  • RES 3: 0.8736 50.0% retracement of the Feb 3 - Aug 23 downleg
  • RES 2: 0.8719 High May 23
  • RES 1: 0.8706 High Sep 26 and the bull trigger
  • PRICE: 0.8644 @ 16:53 BST Oct 10
  • SUP 1: 0.8634 Low Oct 9
  • SUP 2: 0.8620/8569 50-day EMA / Low Sep 15 and a key support
  • SUP 3: 0.8558 Low Sep 11
  • SUP 4: 0.8524 Low Sep 06

EURGBP drifted lower into the Monday close, defying the bull cycle that had remained in play about the 20-day EMA. A close below this level at 0.8642 would be a bearish development and could signal a near-term top. Further losses expose 0.8630 initially ahead of 0.8569, the Sep 15 low and key support. Prices need to rise north of 0.8706 to re-initiate any bull cycle.

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