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Trades Through A Key Support

EURGBP TECHS
  • RES 4: 0.9265 High Sep 14
  • RES 3: 0.9230/54 High Dec 11 / 2.0% 10-dma envelope
  • RES 2: 0.9218 High Dec 21
  • RES 1: 0.9112 High Dec 23
  • PRICE: 0.8957 @ 10:21 GMT Dec 24
  • SUP 1: 0.8952 76.4% retracement of the Nov 23 - Dec 11 rally
  • SUP 2: 0.8929 Low Dec 1
  • SUP 3: 0.8867 Low Nov 23 and a key support
  • SUP 4: 0.8830 Low May 15

EURGBP continues to react to the latest Brexit headlines and Sterling is benefitting. The cross is weaker this morning and importantly has cleared a key support at 0.8983, Dec 4/7 low. The move through this support highlights a stronger bearish chart feature and the risk for a deeper sell-off. The next support to monitor is 0.8953, a Fibonacci retracement level where a break would open 0.8900 and below. 0.9112, Dec 23 high is resistance.

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