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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: 0.8647 @ 15:47 BST Oct 6
  • SUP 1: 0.8642 20-day EMA
  • SUP 2: 0.8620/8569 50-day EMA / Low Sep 15 and a key support
  • SUP 3: 0.8558 Low Sep 11
  • SUP 4: 0.8524 Low Sep 06

EURGBP remains in consolidation mode. A bull cycle is in play and support at the 20-day EMA, at 0.8642, remains intact. Recent gains resulted in a break of 0.8611, the Aug 30 high. Furthermore, trendline resistance drawn from the Feb 3 high, has also been breached - the trendline intersects at 0.8661. A clear break of the line would strengthen bullish conditions. Clearance of the 20-day EMA would highlight a top.

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