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Southbound

EURGBP TECHS
  • RES 4: 0.8835 High May 3
  • RES 3: 0.8793 61.8% retracement of the Feb 3 - Aug 23 downleg
  • RES 2: 0.8725/68 High Nov 22 / 20 and the bull trigger
  • RES 1: 0.8689 20-day EMA
  • PRICE: 0.8627 @ 06:17 GMT Dec 1
  • SUP 1: 0.8614 Low Nov 30
  • SUP 2: 0.8598 61.8% retracement of the Aug 23 - Nov 20 bull run
  • SUP 3: 0.8569 Low Sep 15
  • SUP 4: 0.8558 61.8% retracement of the Aug 23 - Nov 20 bull run

EURGBP maintains a softer tone and the cross is trading closer to this week’s lows. Price has breached 0.8650, the Nov 6 low and key support. The cross has also traded through 0.8630, the 50.0% retracement of the Aug 23 - Nov 20 bull run. This exposes 0.8598, the 61.8% retracement for the Aug - Nov bull run. Initial resistance to watch is 0.8689, the 20-day EMA. Clearance of this EMA would ease bearish pressure.

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