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US OUTLOOK/OPINION

Recession Consensus Mounts: "40+% Chance" Views (2/4)

US OUTLOOK/OPINION

Recession Consensus Mounts: "Growth Recession" Views (1/4)

GBPUSD TECHS

Outlook Remains Bearish

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Trend Signals Point North

EURGBP TECHS
  • RES 4: 0.8852 50.0% retracement of the Mar ‘20 - Mar ‘22 bear leg
  • RES 3: 0.8762 1.00 proj of the Apr 14 - May 12 - 17 price swing
  • RES 2: 0.8721 High May 26 2021 and Jun 15
  • RES 1: 0.8634 High Jun 16 and the bull trigger
  • PRICE: 0.8612 @ 16:25 BST Jun 22
  • SUP 1: 0.8512 Low Jun 16
  • SUP 2: 0.8499 50-day EMA
  • SUP 3: 0.8433 Low May 23
  • SUP 4: 0.8393 Low May 17 and a key support

EURGBP is trading in a tight range. Recent weakness is considered corrective and the outlook is bullish. The recent breach of resistance at 0.8619, May 12 high, confirmed a resumption of the current uptrend. Moving average studies continue to point north too, highlighting a bullish outlook. The focus is on a retest of 0.8721, the Jun 15 high and bull trigger. A break would resume the uptrend. Firm support is seen at 0.8499, the 50-day EMA.

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  • RES 4: 0.8852 50.0% retracement of the Mar ‘20 - Mar ‘22 bear leg
  • RES 3: 0.8762 1.00 proj of the Apr 14 - May 12 - 17 price swing
  • RES 2: 0.8721 High May 26 2021 and Jun 15
  • RES 1: 0.8634 High Jun 16 and the bull trigger
  • PRICE: 0.8612 @ 16:25 BST Jun 22
  • SUP 1: 0.8512 Low Jun 16
  • SUP 2: 0.8499 50-day EMA
  • SUP 3: 0.8433 Low May 23
  • SUP 4: 0.8393 Low May 17 and a key support

EURGBP is trading in a tight range. Recent weakness is considered corrective and the outlook is bullish. The recent breach of resistance at 0.8619, May 12 high, confirmed a resumption of the current uptrend. Moving average studies continue to point north too, highlighting a bullish outlook. The focus is on a retest of 0.8721, the Jun 15 high and bull trigger. A break would resume the uptrend. Firm support is seen at 0.8499, the 50-day EMA.