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Support Remains Intact - For Now

  • RES 4: 0.8867 High Oct 12
  • RES 3: 0.8829 High Nov 09 and the bull trigger
  • RES 2: 0.8776 High Nov 16
  • RES 1: 0.8682 50-day EMA
  • PRICE: 0.8641 @ 20:08 GMT Nov 29
  • SUP 1: 0.8572 Low Nov 24
  • SUP 2: 0.8560/59 Low Oct 31 / 76.4% of Aug 2 - Sep 26 rally
  • SUP 3: 0.8522 Low Aug 30
  • SUP 4: 0.8471 Low Aug 28

The EURGBP outlook remains bearish despite Monday’s gains. Attention is on the Oct 31 low of 0.8560, where a break would strengthen a bearish theme. This would open 0.8522, the Aug 30 low. Note that moving average studies remain in a bull mode position and this does suggest that the broader uptrend remains intact. A break of 0.8560 would threaten this bullish theme. Key resistance is at 0.8829, the Nov 9 high

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