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Trend Outlook Remains Bullish

EURGBP TECHS
  • RES 4: 0.8840 High Feb 2
  • RES 3: 0.8811 1.236 proj of the Apr 14 - Jun 15 - Aug 2 price swing
  • RES 2: 0.8721 High Jun 15 and a medium-term bull trigger
  • RES 1: 0.8679 High Jul 1
  • PRICE: 0.8619 @ 06:34 BST Sep 7
  • SUP 1: 0.8567 Low Sep 6
  • SUP 2: 0.8531 20-day EMA
  • SUP 3: 0.8500 50-day EMA
  • SUP 4:0.8408 Low Aug 23

EURGBP remains in an uptrend following last week’s gains and despite the latest corrective pullback. Attention is on 0.8679, the Jul 1 high. Clearance of this level would strengthen bullish conditions and expose the key resistance at 0.8721, the Jun 15 high and an important bull trigger. A break of 0.8721 would confirm a resumption of the bull cycle that started in early March. On the downside, initial firm support is seen at 0.8531, the Sep 6 low.

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