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Trend Condition Is Bullish

EURGBP TECHS
  • RES 4: 0.8875 High Apr 25 and a key resistance
  • RES 3: 0.8835 High May 3
  • RES 2: 0.8793 61.8% retracement of the Feb 3 - Aug 23 downleg
  • RES 1: 0.8766 High Nov 16
  • PRICE: 0.8741@ 06:31 GMT Nov 17
  • SUP 1: 0.8689 Low Nov 14
  • SUP 2: 0.8677/50 50-day EMA / Low Nov 6
  • SUP 3: 0.8616 Low Oct 11 and a reversal trigger
  • SUP 4: 0.8569 Low Sep 15 and a key support

The trend outlook in EURGBP remains bullish. Recent gains have resulted in a print above 0.8754, the Oct 31 high. A clear break of this hurdle would confirm a resumption of the uptrend and maintain the bullish price sequence of higher highs and higher lows. This would open 0.8793, a Fibonacci retracement. Moving average studies are in a bull-mode position, highlighting a rising trend. Firm support lies at the 50-day EMA, at 0.8677.

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