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Uptrend Remains Intact

EURGBP TECHS
  • RES 4: 0.8768 High May 5
  • RES 3: 0.8736 50.0% retracement of the Feb 3 - Aug 23 downleg
  • RES 2: 0.8719 High May 23
  • RES 1: 0.8706 High Sep 26 and the bull trigger
  • PRICE: 0.8647 @ 16:26 BST Oct 16
  • SUP 1: 0.8624/16 50-day EMA / Low Oct 11 and the bear trigger
  • SUP 2: 0.8569 Low Sep 15 and a key support
  • SUP 3: 0.8558 Low Sep 11
  • SUP 4: 0.8524 Low Sep 06

EURGBP trend conditions remain bullish and the recent move lower appears to be a shallow correction. Support at the 50-day EMA, at 0.8624, remains intact for now. The cross needs to clear this average to suggest scope for a deeper pullback near-term. For now, attention is on the bull trigger at 0.8706, the Sep 26 high and bull trigger. Clearance of this level would confirm a resumption of the uptrend.

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

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