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Bearish Focus

EURGBP TECHS
  • RES 4: 0.8731 High Feb 26
  • RES 3: 0.8701/21 High May 7 / High Apr 26 and the bull trigger
  • RES 2: 0.8646/72 High Jun 1 / High May 25
  • RES 1: 0.8616/29 High Jul 1 and key resistance / High Jun 15
  • PRICE: 0.8605 @ 16:44 BST Jul 8
  • SUP 1: 0.8530/31 Low June 23 / 76.4% of the Apr 5 - 26 rally
  • SUP 2: 0.8494 1.0% 10-dma envelope
  • SUP 3: 0.8472 Low Apr 5 and the bear trigger
  • SUP 4: 0.8430 Low Feb 27, 2020

EURGBP traded higher Thursday having consolidated just ahead of the next area of support. The outlook remains bearish. This follows the breach on Jun 17 of 0.8561, May 12 low. The break continues to signal the end of the recent consolidation and highlights a bearish theme. The focus is on 0.8531, 76.4% of the Apr 5 - 26 rally and just above the Jun 23 low. Clearance of this level would expose key support at 0.8472, Apr 5 low. Initial firm resistance is at 0.8616, Jul 1 high.

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