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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: 0.8572/8590 High Feb 5 and 6 / 50-day EMA
  • PRICE: 0.8535 @ 16:16 GMT Feb 12
  • SUP 1: 0.8513 Low Jan 29 and the bear trigger
  • 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

A bearish theme in EURGBP remains intact. Moving average studies are in a bear-mode position and this continues to highlight a dominant downtrend and bearish market sentiment. The breach 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 0.8590 - is the firm resistance to watch. A clear break of the average would concern bears.

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