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Bullish Outlook

EURGBP TECHS
  • RES 4: 0.8658 High Sep 29 2021
  • RES 3: 0.8643 High Sep 30 2021
  • RES 2: 0.8619 High May 12 and bull trigger
  • RES 1: 0.8587 High May 24
  • PRICE: 0.8562 @ 15:55 BST Jun 3
  • SUP 1: 0.8497/8433 20-day EMA / Low May 23
  • SUP 2: 0.8393/ 0.8391 Low May 17 / 61.8% of Apr 14 - May 12 upleg
  • SUP 3: 0.8367 Low May 2
  • SUP 4: 0.8337 76.4% retracement of the Apr 14 - May 12 upleg

EURGBP traded higher into the close of the week and the cross maintains a bullish theme. The break higher on May 24 has exposed 0.8619, May 12 high and the next important hurdle for bulls. Clearance of this level would resume the uptrend that began Mar 7. Initial support lies at 0.8497, the 20-day EMA ahead of a firmer short-term level at 0.8433, May 23 low. Key short-term support is unchanged at 0.8393, the May 17 low and a bear trigger.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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