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Support At The 50-Day EMA Intact

EURGBP TECHS
  • RES 4: 0.9292 High Sep 11 2020
  • RES 3: 0.9066/9266 High Sep 28 / High Sep 26 and key resistance
  • RES 2: 0.8980 High Sep 29
  • RES 1: 0.8850 High Sep 30
  • PRICE: 0.8776 @ 06:23 BST Oct 11
  • SUP 1: 0.8668/49 50-day EMA / Low Oct 4 and a key support zone
  • SUP 2: 0.8626 Low Sep 1
  • SUP 3: 0.8559 76.4% retracement of the Aug 2 - Sep 26 rally
  • SUP 4: 0.8522 Low Aug 30

EURGBP last week bounced off the 50-day EMA. The average intersects at 0.8668 and remains a key support. This level, together with 0.8649, the Oct 4 low, defines an important short-term support zone where a break is required to reinstate recent bearish price action. This would open 0.8559, a Fibonacci retracement. Initial resistance to watch is 0.8850, the Sep 30 high. A break would ease the bearish threat.

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