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EURGBP and Silver Analysis – February 15, 2018

The EURGBP pair is testing resistance at 0.89000 once again. There is resistance from this level up to 0.90500, with probes into this area over recent months failing and dropping back to support below 0.87500. As a result, the pair has formed a descending channel with the lower support around 0.86500. Support under the current price level comes in at 0.88595 and 0.88477, which is the level of the 100-Day MA. The 50-Day MA is found at 0.88395 with the 200-Day at 0.88130. The tightness of the grouping on the daily chart is evidence of the narrow range of price action of late. The rising red trend line is located at 0.87574 and support under this line is at 0.87162 and 0.86900. Resistance on the blue trend line can be seen at 0.89054, with further resistance at 0.89182 and 0.89274. The longer-term resistance trend line is at 0.89608, just above the 0.89550 level. A breakthrough here targets the resistance zone around 0.90000 with 0.90891 and 0.91433 resistance in extension. High-level resistance is found at 0.92000 and the August 2017 high at 0.93071. Silver Silver is in a triangle pattern at present, with price range narrowing towards an apex around 16.850. Price is just above this level, with the top of the triangle at 17.595 and the bottom at 16.121. Resistance around the top of the triangle comes in at 17.470 and 17.685. The high from September 2017 is located at 18.200. Support can be seen at 16.308 and 16.168, which is the low from the 9th of February. The low from early December 2017 is at 15.611. A break below here targets 15.000 and 14.340.