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Bear Cycle Extends

EURGBP TECHS
  • RES 4: 0.8624 High Oct 1 2021
  • RES 3: 0.8600 High Dec 8 2022
  • RES 2: 0.8512/59 High Mar 31 / 2.0% 10-dma envelope
  • RES 1: 0.8435 High Apr 4
  • PRICE: 0.8340 @ 17:20 BST Apr 6
  • SUP 1: 0.8322 Low Mar 28
  • SUP 2: 0.8296 Low Mar 23 and a key support
  • SUP 3: 0.8276 76.4% retracement of the Mar 7 - 31 rally
  • SUP 4: 0.8203 Low Mar 7 and the bear trigger

Tuesday’s move lower in EURGBP marks an extension of this week’s bearish price activity and the reversal from the 0.8512 high on Mar 31. The move lower has reversed a recent bullish theme and signals scope for a continuation of the current bear cycle. The cross has traded through both the 20- and 50-day EMAs, opening 0.8296, the Mar 23 low. Initial resistance is seen at Monday’s 0.8435 high.

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