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Pullback Considered Corrective

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: 0.8590 High Jun 6
  • PRICE: 0.8556 @ 15:48 BST Jun 8
  • SUP 1: 0.8462/8433 50-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 returned higher Wednesday, proving pullbacks remain corrective for now. The recovery from the May 17 low of 0.8393 highlights a bullish theme and attention is on 0.8619, May 12 high and the next key hurdle for bulls. Clearance of this level would resume the uptrend that started Mar 7. Key short-term support is unchanged at 0.8393, May 17 low. A break would alter the picture.

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