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Bearish Outlook

EURGBP TECHS
  • RES 4: 0.8627 High Jul 4
  • RES 3: 0.8585 High Jul 21 and a key resistance
  • RES 2: 0.8525 High Jul 25
  • RES 1: 0.8493 High Aug 12
  • PRICE: 0.8433 @ 15:58 BST Aug 16
  • SUP 1: 0.8410/8340 Low Aug 8 / 2 and the bear trigger
  • SUP 2: 0.8313 Low Apr 22
  • SUP 3: 0.8257 2.0% 10-dma envelope and low Apr 14
  • SUP 4: 0.8203 Low Mar 7 and a key support

EURGBP traded lower again Tuesday and has remained below Friday’s high. The broader outlook is bearish and the recent move higher is likely a correction. Price action since mid-June has established a sequence of lower lows and lower highs. Moving average studies are in a bear mode set-up too, reinforcing a bearish theme A resumption of weakness would open 0.8313, Apr 22 low. Friday’s high of 0.8493 is the first resistance.

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  • RES 4: 0.8627 High Jul 4
  • RES 3: 0.8585 High Jul 21 and a key resistance
  • RES 2: 0.8525 High Jul 25
  • RES 1: 0.8493 High Aug 12
  • PRICE: 0.8433 @ 15:58 BST Aug 16
  • SUP 1: 0.8410/8340 Low Aug 8 / 2 and the bear trigger
  • SUP 2: 0.8313 Low Apr 22
  • SUP 3: 0.8257 2.0% 10-dma envelope and low Apr 14
  • SUP 4: 0.8203 Low Mar 7 and a key support

EURGBP traded lower again Tuesday and has remained below Friday’s high. The broader outlook is bearish and the recent move higher is likely a correction. Price action since mid-June has established a sequence of lower lows and lower highs. Moving average studies are in a bear mode set-up too, reinforcing a bearish theme A resumption of weakness would open 0.8313, Apr 22 low. Friday’s high of 0.8493 is the first resistance.