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Watching Support

EURGBP TECHS
  • RES 4: 0.8512 High Dec 22
  • RES 3: 0.8480 61.8% retracement of the Dec 8 - Feb 3 downleg
  • RES 2: 0.8432/78 High Feb 11 / High Feb 7
  • RES 1: 0.8383/8403 High Feb 22 / High Feb 16
  • PRICE: 0.8333 @ 06:25 GMT Feb 23
  • SUP 1: 0.8311/8285 Low Feb 22 / Feb 3 and key support
  • SUP 2: 0.8282/77 Low Feb’20 / Dec’19 and key bear trigger
  • SUP 3: 0.8242 50% Fibonacci Retracement 2015-2020 Upleg
  • SUP 4: 0.8238 0.764 proj of the Dec 8 - Feb 3 - 7 Price swing

EURGBP reversed a mid-session rally Tuesday ahead of the close, keeping the cross in close proximity to its recent lows. Recent price action though has kept key support at 0.8285 intact, Feb 3 low, and if prices can hold above this level, it would suggest the recent move lower has been a correction. The next resistance to watch is at 0.8403, the Feb 16 high. Initial support is at Tuesday’s 0.8311.

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