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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: 0.8639 @ 16:34 BST Oct 12
  • SUP 1: 0.8622 50-day EMA
  • SUP 2: 0.8616 Low Oct 11
  • SUP 2: 0.8569 Low Sep 15 and a key support
  • SUP 3: 0.8558 Low Sep 11
  • SUP 4: 0.8524 Low Sep 06

EURGBP drifted lower still through Wednesday trade, defying the bull cycle that had remained in play into the tail-end of last week. A potential close today below the 50-day EMA would be a bearish development and could signal a near-term top. Further losses expose 0.8569, the Sep 15 low and key support. Prices need to rise north of 0.8706 to re-initiate any bull cycle.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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