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Trading Near Its Recent Lows

EURGBP TECHS
  • RES 4: 0.8498 High Dec 23
  • RES 3: 0.8468 50-day EMA
  • RES 2: 0.8434 20-day EMA
  • RES 1: 0.8381/8419 Nov 22 low / High Jan 3
  • PRICE: 0.8350 @ 16:48 GMT Jan 6
  • SUP 1: 0.8335 Low Jan 5
  • SUP 3: 0.8318 1.0% 10-dma envelope
  • SUP 4: 0.8282/77 Low Feb’20 / Dec’19 and key bear trigger
  • SUP 4: 0.8242 50% Fib Retracement 2015-2020 Upleg

EURGBP is trading near its recent lows. The cross printed a fresh multi-year low of 0.8335 yesterday. The outlook remains bearish and further weakness is likely. The focus is on the major support and bear triggers at 0.8282/77, the Feb’20 and Dec’19 lows. Note that the cross is also approaching the base of a broad multi-year range at 0.8300. This level represents a key pivot chart point. Initial firm resistance is at 0.8419, Monday’s high.

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