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Support At The 50-Day EMA Remains Intact

  • 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 @ @ 06:18 BST Oct 17
  • SUP 1: 0.8625/16 50-day EMA / Low Oct 11 and the bear trigger
  • SUP 2: 0.8569 Low Sep 15 and a key support
  • SUP 3: 0.8558 Low Sep 11
  • SUP 4: 0.8524 Low Sep 06

EURGBP is unchanged. Trend conditions remain bullish and the recent move lower appears to be a shallow correction. Support at the 50-day EMA, at 0.8625, remains intact for now. The cross needs to confirm a clear break of this average to suggest scope for a deeper pullback near-term. For now, attention is on the bull trigger at 0.8706, the Sep 26 high and bull trigger. Clearance of this level would confirm a resumption of the uptrend.

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