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Trend Needle Points North

EURGBP TECHS
  • RES 4: 0.8814 High May 4
  • RES 3: 0.8768 High Nov 20 and key resistance
  • RES 2: 0.8716 76.4% retracement of the Nov 20 - Dec 11 sell-off
  • RES 1: 0.8699 High Dec 27
  • PRICE: 0.8696 @ 15:23 GMT Dec 27
  • SUP 1: 0.8618 Low Dec 20
  • SUP 2: 0.8571/8549 Low Dec 15 / 11 and the bear trigger
  • SUP 3: 0.8524 Low Sep 5
  • SUP 4: 0.8493 Low Aug 23 and a key support

EURGBP traded higher last week and the cross is holding on to its recent gains. Resistance at 0.8650, the 50-day EMA, has been cleared highlighting a stronger short-term reversal. This signals potential for a continuation of the bull cycle. Sights are on 0.8716 next, a Fibonacci retracement point. On the downside, key support is unchanged at 0.8549, the Dec 11 low. Initial support is seen at 0.8618, the Dec 20 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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