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Corrective Phase

EURGBP TECHS
  • RES 4: 0.8512 High Mar 31
  • RES 3: 0.8476 2.0% 10-dma envelope
  • RES 2: 0.8405/8435 High Apr 11 / High Apr 4
  • RES 1: 0.8367 High Apr 21
  • PRICE: 0.8327 @ 06:24 BST Apr 22
  • SUP 1: 0.8283/50 Low Apr 20 / Low Apr 14 and key S/T support
  • SUP 2: 0.8203 Low Mar 7 and the bear trigger
  • SUP 3: 0.8144 2.0% 10-dma envelope
  • SUP 4: 0.8117 High Apr 7 2016

This week’s recovery in EURGBP is considered corrective. The cross traded higher yesterday before pulling back, but did probe the 50-day EMA. The average intersects at 0.8354. A continuation higher would open the key near-term resistance at 0.8405, Apr 11 high. On the downside, the bear trigger lies at 0.8250, Apr 14 low. A reversal lower and a move through this support would expose 0.8203, the Mar 7 low.

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