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Final Sept UMichigan Sentiment Survey

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Trend Outlook Remains Bearish

EURGBP TECHS
  • RES 4: 0.8627 High Jul 4
  • RES 3: 0.8585 High Jul 21 and a key resistance
  • RES 2: 0.8525 High Jul 25
  • RES 1: 0.8474 50-day EMA
  • PRICE: 0.8456 @ 15:57 BST Aug 12
  • SUP 1: 0.8410/8340 Low Aug 8 / 2 and the bear trigger
  • SUP 2: 0.8313 Low Apr 22
  • SUP 3: 0.8246 2.0% 10-dma envelope and low Apr 14
  • SUP 4: 0.8203 Low Mar 7 and a key support

EURGBP is unchanged and holding on to the bulk of its gains since bouncing off 0.8340, the Aug 2 low. The broader outlook remains bearish though and the recent move higher is considered corrective. Price action since mid-June has established a sequence of lower lows and lower highs. Moving average studies are in a bear mode set-up too. A resumption of weakness would open 0.8313, Apr 22 low. Initial firm resistance is 0.8474, the 50-day EMA.

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  • RES 4: 0.8627 High Jul 4
  • RES 3: 0.8585 High Jul 21 and a key resistance
  • RES 2: 0.8525 High Jul 25
  • RES 1: 0.8474 50-day EMA
  • PRICE: 0.8456 @ 15:57 BST Aug 12
  • SUP 1: 0.8410/8340 Low Aug 8 / 2 and the bear trigger
  • SUP 2: 0.8313 Low Apr 22
  • SUP 3: 0.8246 2.0% 10-dma envelope and low Apr 14
  • SUP 4: 0.8203 Low Mar 7 and a key support

EURGBP is unchanged and holding on to the bulk of its gains since bouncing off 0.8340, the Aug 2 low. The broader outlook remains bearish though and the recent move higher is considered corrective. Price action since mid-June has established a sequence of lower lows and lower highs. Moving average studies are in a bear mode set-up too. A resumption of weakness would open 0.8313, Apr 22 low. Initial firm resistance is 0.8474, the 50-day EMA.