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EURGBP TECHS: Trend Condition Remains Bullish

EURGBP TECHS
Foreign Exchange Technical AnalysisCEEMEABulletUKMarketsForeign Exchange Bullets
  • RES 4: 0.8545 High Aug 21  
  • RES 3: 0.8530 76.4% retracement of the Aug 8 - Dec 19 downleg 
  • RES 2: 0.8494 High Aug 26 ‘24
  • RES 1: 0.8474 High Jan 20
  • PRICE: 0.8423 @ 16:02 GMT Jan 24
  • SUP 1: 0.8384 20-day EMA   
  • SUP 2: 0.8352 50-day EMA
  • SUP 3: 0.8284 Low Jan 8
  • SUP 4: 0.8263 Low Dec 31

A bull cycle in EURGBP remains intact and the cross is holding on to the bulk of its recent gains. The move higher in January undermines a recent bearish theme and suggests scope for a stronger short-term recovery. Moving average studies have crossed and are in a bull-mode position, highlighting an uptrend. Sights are on 0.8494 next, the Aug 26 ‘24 high. Support at the 50-day EMA is at 0.8352. 

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  • RES 4: 0.8545 High Aug 21  
  • RES 3: 0.8530 76.4% retracement of the Aug 8 - Dec 19 downleg 
  • RES 2: 0.8494 High Aug 26 ‘24
  • RES 1: 0.8474 High Jan 20
  • PRICE: 0.8423 @ 16:02 GMT Jan 24
  • SUP 1: 0.8384 20-day EMA   
  • SUP 2: 0.8352 50-day EMA
  • SUP 3: 0.8284 Low Jan 8
  • SUP 4: 0.8263 Low Dec 31

A bull cycle in EURGBP remains intact and the cross is holding on to the bulk of its recent gains. The move higher in January undermines a recent bearish theme and suggests scope for a stronger short-term recovery. Moving average studies have crossed and are in a bull-mode position, highlighting an uptrend. Sights are on 0.8494 next, the Aug 26 ‘24 high. Support at the 50-day EMA is at 0.8352.