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Trend Needle Points North

EURGBP TECHS
  • RES 4: 0.8768 High May 5
  • RES 3: 0.8736 50.0% retracement of the Feb 3 - Aug 23 downleg
  • RES 2: 0.8719 High May 23
  • RES 1: 0.8706 High Sep 26 and the bull trigger
  • PRICE: 0.8672 @ 16:25 BST Oct 2
  • SUP 1: 0.8633 20-day EMA
  • SUP 2: 0.8613/8569 50-day EMA / Low Sep 15 and a key support
  • SUP 3: 0.8558 Low Sep 11
  • SUP 4: 0.8524 Low Sep 06

EURGBP continues to trade below last week’s high. A short-term bull cycle is in play and the cross has managed to remain above firm support at the 20-day EMA, at 0.8633. Recent gains resulted in a breach of resistance at 0.8611, the Aug 30 high. This was followed by a move above trendline resistance drawn from the Feb 3 high - trendline intersects at 0.8668. A clear break of the line would strengthen bullish conditions.

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