EURGBP TECHS: Trend Structure Remains Bullish
Oct-17 18:00
- RES 4: 0.8835 High May 3 2023
- RES 3: 0.8800 Round number resistance
- RES 2: 0.8769 High Jul 28 and the bull trigger
- RES 1: 0.8725/8751 High Oct 10 & 17 / High Sep 25
- PRICE: 0.8701 @ 16:44 BST Oct 17
- SUP 1: 0.8678/8656 50-day EMA / Low Aug 10
- SUP 2: 0.8633 Low Sep 15
- SUP 3: 0.8597 Low Aug 14 and key support
- SUP 4: 0.8562 50.0% retracement May 29 - Jul 28 upleg
EURGBP is in consolidation mode. The trend condition is unchanged, it remains bullish and recent weakness appears corrective. Support to monitor lies at the 50-day EMA, at 0.8678. It has been pierced, a clear break of this level would signal scope for a deeper retracement towards 0.8633, the Sep 15 low. Key trend support lies at 0.8597, the Aug 14 low. Key resistance and the bull trigger is unchanged at 0.8769, the Jul 28 high.
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- Bundebank President Nagel says in a speech that the ECB is well advised to remain cautious.
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