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Arrives At The 50-Day EMA

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 / bull trigger
  • RES 1: 0.8627/79 High Jul 4 / High Jul 1
  • PRICE: 0.8456 @ 18:04 BST Jul 7
  • SUP 1: 0.8536/33 50-day EMA / Low Jul 6
  • SUP 2: 0.8486 Low Jun 9
  • SUP 3: 0.8433 Low May 23
  • SUP 4: 0.8393 Low May 17 and a key support

EURGBP traded lower again Thursday and remains at the bottom of this week’s range. The cross is testing a key support area at the 50-day EMA. The average intersects at 0.8536. A clear break of this EMA would undermine recent bullish conditions and signal scope for a pullback towards 0.8486, the Jun 9 low. On the upside, a reversal higher would refocus attention on resistance at 0.8679, Jul 1 high and the bull trigger at 0.8721.

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