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Trading Closer To Its Recent Lows

  • RES 4: 0.8725 High Nov 22
  • RES 3: 0.8690 High Nov 27
  • RES 2: 0.8668 20-day EMA
  • RES 1: 0.8616 Low Oct 11
  • PRICE: 0.8562 @ 06:34 GMT Dec 6
  • SUP 1: 0.8558 76.4% retracement of the Aug 23 - Nov 20 bull run
  • SUP 2: 0.8524 Low Sep 5
  • SUP 3: 0.8481 2.0% 10-dma envelope
  • SUP 4: 0.8493 Low Aug 23 and a key support

EURGBP maintains a softer tone and the cross is trading closer to its recent lows. Last week's downleg resulted in a break of 0.8650, the Nov 6 low and key support, and 0.8598, the 61.8% retracement for the Aug - Nov bull run. Sights are on 0.8558, the 76.4% retracement point, where a clear break would open 0.8524, the Sep 5 low. Initial resistance is seen 0.8616, the Oct 11 low. Gains would be considered corrective.

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