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EURGBP TECHS: Trades Through Resistance

EURGBP TECHS
Foreign Exchange Technical AnalysisCEEMEABulletUKMarketsForeign Exchange Bullets
  • RES 4: 0.8530 76.4% retracement of the Aug 8 - Dec 19 downleg 
  • RES 3: 0.8494 High Aug 26 ‘24  
  • RES 2: 0.8471 61.8% retracement of the Aug 8 - Dec 19 downleg
  • RES 1: 0.8451 High Jan 14 
  • PRICE: 0.8439 @ 06:28 GMT Jan 15
  • SUP 1: 0.8385 Low Jan 14   
  • SUP 2: 0.8325/8284 50-day EMA / Low Jan 8
  • SUP 3: 0.8263 Low Dec 31
  • SUP 4: 0.8223 Low Dec 19

EURGBP maintains a firmer tone and the cross traded higher Tuesday. The latest recovery undermines the recent bearish theme and suggests scope for a stronger short-term recovery. 0.8376, the Nov 19 high and a key resistance, has been cleared. Note too that 0.8448, the Oct 31 high, has been pierced, a clear break of this hurdle would strengthen the bullish theme. Support at the 50-day EMA is at 0.8325.

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  • RES 4: 0.8530 76.4% retracement of the Aug 8 - Dec 19 downleg 
  • RES 3: 0.8494 High Aug 26 ‘24  
  • RES 2: 0.8471 61.8% retracement of the Aug 8 - Dec 19 downleg
  • RES 1: 0.8451 High Jan 14 
  • PRICE: 0.8439 @ 06:28 GMT Jan 15
  • SUP 1: 0.8385 Low Jan 14   
  • SUP 2: 0.8325/8284 50-day EMA / Low Jan 8
  • SUP 3: 0.8263 Low Dec 31
  • SUP 4: 0.8223 Low Dec 19

EURGBP maintains a firmer tone and the cross traded higher Tuesday. The latest recovery undermines the recent bearish theme and suggests scope for a stronger short-term recovery. 0.8376, the Nov 19 high and a key resistance, has been cleared. Note too that 0.8448, the Oct 31 high, has been pierced, a clear break of this hurdle would strengthen the bullish theme. Support at the 50-day EMA is at 0.8325.