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Support Intact For Now

EURGBP TECHS
  • RES 4: 0.8627 High Jul 4
  • RES 3: 0.8585 High Jul 21 and a key resistance
  • RES 2: 0.8525 High Jul 25
  • RES 1: 0.8466/8512 50-day EMA / High Aug 19
  • PRICE: 0.8450 @ 16:35 BST Aug 24
  • SUP 1: 0.8416 Low Aug 23
  • SUP 2: 0.8388/40 Low Aug 17 / 2 and the bear trigger
  • SUP 3: 0.8313 Low Apr 22
  • SUP 4: 0.8276 2.0% 10-dma envelope and low Apr 14

EURGBP has pulled back from last week’s highs. The high print of 0.8512 last week (Aug 19), threatens the recent bearish theme and signals scope for an extension higher, despite this week’s pullback. A resumption of gains would open 0.8525 and potentially 0.8585 further out, the Jul 25 and 21 highs respectively. Initial key support is at 0.8388, the Aug 17 low. A break would reinstate a bearish theme.

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