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Trend Needle Points South

EURGBP TECHS
  • RES 4: 0.8715 High Dec 28 and the bull trigger
  • RES 3: 0.8676 High Jan 3
  • RES 2: 0.8620 High Jan 20
  • RES 1: 0.8572/8597 High Feb 5 / 50-day EMA and key resistance
  • PRICE: 0.8527 @ 16:57 GMT Feb 7
  • SUP 1: 0.8513 Low Jan 29
  • SUP 2: 0.8493 Low Aug 23 2023 and a key medium-term support
  • SUP 3: 0.8454 61.8% of the Mar 7 - Sep 26 ‘23 bull phase
  • SUP 4: 0.8388 Low Aug 17 2023

EURGBP’s bounce on Monday has proved corrective, with prices fading into Tuesday’s close. Moving average studies also highlight a clear bearish theme - they remain in a bear-mode position. The break in January of support at 0.8549, the Dec 11 low, strengthened current conditions and sights are on 0.8493, the Aug 23 ‘23 low and a key support. The 50-day EMA - at 0.8597 - is the firm resistance to watch. A clear break of it would concern bears.

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