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Watching Resistance At The 50-Day EMA

  • RES 4: 0.8701 High Jul 19 and a key resistance
  • RES 3: 0.8669 High Aug 11
  • RES 2: 0.8638 100-dma
  • RES 1: 0.8611 High Aug 30
  • PRICE: 0.8562 @ 06:16 BST Sep 1
  • SUP 1: 0.8553 Intraday low
  • SUP 2: 0.8536/8493 Low Aug 24 / 23 and the bear trigger
  • SUP 3: 0.8477 1.0% 10-dma envelope
  • SUP 4: 0.8454 61.8% retracement of the Mar 7 - Sep 26 2022 bull leg

EURGBP edged lower into the Thursday close. The contract has this week traded above resistance at the 50-day EMA, at 0.8577. A clear break of this EMA would strengthen a short-term bullish condition and suggest scope for a stronger correction, towards 0.8669, the Aug 11 high. Note that moving average studies continue to highlight a medium-term downtrend, the bear trigger lies at 0.8493, the Aug 23 low.

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