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Trading Below Recent Highs

EURGBP TECHS
  • RES 4: 0.9217/30 High Dec 21/11 and key resistance
  • RES 3: 0.9156 High Dec 22
  • RES 2: 0.9093 High Dec 29
  • RES 1: 0.9085 High Jan 6
  • PRICE: 0.9025 @ 06:04 GMT Jan 11
  • SUP 1: 0.8993 Low Jan 8
  • SUP 2: 0.8932 Low Dec 31 and the bear trigger
  • SUP 3: 0.8915 Low Nov 27
  • SUP 4: 0.8867 Low Nov 23 and a key support

EURGBP remains below recent highs with a bearish theme still dominating. The cross last December cleared a key support at 0.8983, Dec 4 / 7 low. The break highlights a bearish chart feature and the risk of a deeper sell-off and signals scope for weakness towards 0.8867, Nov 23 low. On the upside, firm resistance is at 0.9093, Dec 29 high and 0.9156, Dec 22 high. Clearance of these hurdles would alter the picture and expose the key 0.9230 Dec high.

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