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Still Vulnerable

  • RES 4: 0.9388 Mar 23 high
  • RES 3: 0.9305 76.4% retracement of the Mar - Apr sell-off
  • RES 2: 0.9292 High Sep 11 and the bull trigger
  • RES 1: 0.9208 High Sep 16
  • PRICE: 0.9135 @ 10:35 BST Sep 18
  • SUP 1: 0.9083 Low Sep 17
  • SUP 2: 0.9075 Low Sep 10
  • SUP 3: 0.9035 50-day EMA
  • SUP 4: 0.9029 61.8% retracement of the Sep 3 - 11 rally

EURGBP remains soft despite finding some support yesterday. The cross recently stalled ahead of 0.9305, 76.4% of the Mar - Apr sell-off. With price off recent highs, 0.9292, Sep 11 high to 0.9305 has been defined as a key resistance zone. Continued weakness would expose 0.9075, Sep 10 low and 0.9035, the 50-day EMA. A clear breach of the average is required to signal a stronger reversal and open sub 0.9000 levels. Resistance is 0.9208.

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