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Slips Through Support

EURGBP TECHS
  • RES 4: 0.8658 High Sep 29 and a key resistance
  • RES 3: 0.8624 High Oct 1
  • RES 2: 0.8553/8600 High Dec 10 and 14 / High Dec 8
  • RES 1: 0.8528 Intraday high
  • PRICE: 0.8471 @ 12:40 GMT Dec 16
  • SUP 1: 0.8446 Low Nov 29
  • SUP 2: 0.8411 Low Nov 26
  • SUP 3: 0.8381 Low Nov 22 and the bear trigger
  • SUP 4: 0.8356 Low Feb 26, 2020

EURGBP has sold off sharply and in the process has cleared support at 0.8486, the Dec 15 low. This signals a strengthening of short-term bearish pressure and further weakness would signal scope for a move towards 0.8411, Nov 26 low and expose the key support at 0.8381, Nov 22 low. Initial firm resistance is seen at the 0.8553 level, the Dec 10 / 14 high. A move above this resistance would reinstate the recent bullish focus.

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