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Approaching Key Short-Term Support

EURGBP TECHS
  • RES 4: 0.8762 1.00 proj of the Apr 14 - May 12 - 17 price swing
  • RES 3: 0.8721 High May 26 2021 and Jun 15 / bull trigger
  • RES 2: 0.8627/79 High Jul 4 / High Jul 1
  • RES 1: 0.8511/0.8585 50-day EMA / High Jul 21
  • PRICE: 0.8410 @ 16:17 BST Jul 27
  • SUP 1: 0.8398/8393 Low Jul 27 / Low May 17 and a key support
  • SUP 2: 0.8367 Low May 2
  • SUP 3: 0.8313 Low Apr 22
  • SUP 4: 0.8250 Low Apr 14 and a key support

A sharp drop in EURGBP Tuesday reinforces bearish conditions and suggests the recent corrective cycle is over. Last week’s high of 0.8585 (Jul 21) has been defined as a key short-term resistance where a break would signal scope for a stronger recovery. While this resistance holds, the focus is on support at 0.8393, May 17 low. Clearance of this level would strengthen a bearish case and clear the way for a deeper sell-off towards 0.8367.

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  • RES 4: 0.8762 1.00 proj of the Apr 14 - May 12 - 17 price swing
  • RES 3: 0.8721 High May 26 2021 and Jun 15 / bull trigger
  • RES 2: 0.8627/79 High Jul 4 / High Jul 1
  • RES 1: 0.8511/0.8585 50-day EMA / High Jul 21
  • PRICE: 0.8410 @ 16:17 BST Jul 27
  • SUP 1: 0.8398/8393 Low Jul 27 / Low May 17 and a key support
  • SUP 2: 0.8367 Low May 2
  • SUP 3: 0.8313 Low Apr 22
  • SUP 4: 0.8250 Low Apr 14 and a key support

A sharp drop in EURGBP Tuesday reinforces bearish conditions and suggests the recent corrective cycle is over. Last week’s high of 0.8585 (Jul 21) has been defined as a key short-term resistance where a break would signal scope for a stronger recovery. While this resistance holds, the focus is on support at 0.8393, May 17 low. Clearance of this level would strengthen a bearish case and clear the way for a deeper sell-off towards 0.8367.