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Strong Bounce

EURGBP TECHS
  • RES 4: 0.8624/58 High Oct 1 / High Sep 29
  • RES 3: 0.8599 76.4% retracement of the Sep 29 - Oct 26 sell-off
  • RES 2: 0.8561 61.8% retracement of the Sep 29 - Oct 26 sell-off
  • RES 1: 0.8508 50-day EMA
  • PRICE: 0.8503 @ 06:18 GMT Nov 2
  • SUP 1: 0.8441/8403 Low Nov 1 / Low Oct 26 and the bear trigger
  • SUP 2: 0.8362/56 1.0% 10-dma envelope / Low Feb 26, 2020
  • SUP 3: 0.8339 Low Feb 25, 2020
  • SUP 4: 0.8282 Feb 2020 low and a major support

EURGBP traded higher Monday and the cross has broken out of its recent range. The pair has also moved back above the 20-day EMA and attention is on the 50-day EMA at 0.8508. Clearance of this average would improve short-term conditions for bulls and signal scope for a stronger near-term recovery. This would open 0.8561, 61.8% of the Sep 29 - Oct 26 sell-off. The trigger for a resumption of weakness is 0.8403.

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