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Support At The 20-Day EMA Remains Intact

EURGBP TECHS
  • RES 4: 0.8768 High May 5
  • RES 3: 0.8736 50.0% retracement of the Feb 3 - Aug 23 downleg
  • RES 2: 0.8719 High May 23
  • RES 1: 0.8706 High Sep 26 and the bull trigger
  • PRICE: 0.8667 @ 06:45 BST Oct 4
  • SUP 1: 0.8639 20-day EMA
  • SUP 2: 0.8617/8569 50-day EMA / Low Sep 15 and a key support
  • SUP 3: 0.8558 Low Sep 11
  • SUP 4: 0.8524 Low Sep 06

A bull cycle in EURGBP remains in play and support at the 20-day EMA, at 0.8639, remains intact. The cross is also trading closer to its recent highs. Recent gains resulted in a breach of 0.8611, the Aug 30 high. This was followed by a move above trendline resistance drawn from the Feb 3 high - the trendline intersects at 0.8665. A clear break of the line would strengthen bullish conditions. Clearance of the 20-day EMA would highlight a top.

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