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Signs of Short-Term Correction

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: 0.8410 High Jan 24
  • PRICE: 0.8408 @ 16:28 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 is recovering off the multiyear low of 0.8305 printed last week. Nonetheless, a bearish theme continues to dominate 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. Signs of a short-term bounce are present, with initial firm resistance at 0.8379 has given way, shifting focus to 0.8419.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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