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Approaching Support

EURGBP TECHS
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
  • RES 4: 0.8665 61.8% retracement of the Nov 20 - Feb 14 bear cycle
  • RES 3: 0.8674 1.0% 10-dma envelope
  • RES 2: 0.8645 High Apr 23 and the bull trigger
  • RES 1: 0.8571/8621 20-day EMA / High May 9
  • PRICE: 0.8539 @ 06:17 BST May 22
  • SUP 1: 0.8531 Low Apr 30 and a short-term bear trigger
  • SUP 2: 0.8521/8504 Low Apr 17 / Low Mar 8
  • SUP 3: 0.8498/93 Low Feb 14 / Low Aug 23 2023 and key support
  • SUP 4: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase

EURGBP traded lower last week and the cross maintains a bearish tone as it continues to weaken. Price has moved below the 20- and 50-day EMAs. This cancels a bullish theme and instead highlights a neutral medium-term trend with the cross trading inside a wide range. The break of last Friday’s low signals scope for weakness near-term and exposes 0.8531 next, the Apr 30 low. Initial resistance is seen at 0.8571, the 20-day EMA.

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  • RES 4: 0.8665 61.8% retracement of the Nov 20 - Feb 14 bear cycle
  • RES 3: 0.8674 1.0% 10-dma envelope
  • RES 2: 0.8645 High Apr 23 and the bull trigger
  • RES 1: 0.8571/8621 20-day EMA / High May 9
  • PRICE: 0.8539 @ 06:17 BST May 22
  • SUP 1: 0.8531 Low Apr 30 and a short-term bear trigger
  • SUP 2: 0.8521/8504 Low Apr 17 / Low Mar 8
  • SUP 3: 0.8498/93 Low Feb 14 / Low Aug 23 2023 and key support
  • SUP 4: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase

EURGBP traded lower last week and the cross maintains a bearish tone as it continues to weaken. Price has moved below the 20- and 50-day EMAs. This cancels a bullish theme and instead highlights a neutral medium-term trend with the cross trading inside a wide range. The break of last Friday’s low signals scope for weakness near-term and exposes 0.8531 next, the Apr 30 low. Initial resistance is seen at 0.8571, the 20-day EMA.