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Slips into Close, But Bulls Remain In Driver's Seat

EURGBP TECHS
  • RES 4: 0.8992 61.8% Retracement of the Sep 26 - Dec 1 bear leg
  • RES 3: 0.8980 High Sep 29
  • RES 2: 0.8907 50.0% retracement of the Sep 26 - Dec 1 bear leg
  • RES 1: 0.8897 High Jan 13
  • PRICE: 0.8799 @ 16:12 GMT Jan 17
  • SUP 1: 0.8769 Low Jan 9
  • SUP 2: 0.8755 50-day EMA
  • SUP 3: 0.8691 Low Dec 19
  • SUP 4: 0.8646 High Dec 8

EURGBP drifted lower into the Tuesday close, but the short-term condition remains bullish for now. Last week's gains confirmed a resumption of the bull cycle and has maintained a bullish price sequence of higher highs and higher lows. The focus is on 0.8907, a Fibonacci retracement point. Moving average studies continue to highlight a bullish backdrop, reinforcing the current trend direction. Initial firm support is seen at 0.8755, the 50-day EMA. A clear break of the EMA would be bearish.

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

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