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Bearish Outlook Intact

EURGBP TECHS
  • RES 4: 0.8875 High Apr 25 and key short-term resistance
  • RES 3: 0.8835 High May 3
  • RES 2: 0.8770 50-day EMA
  • RES 1: 0.8733 20-day EMA
  • PRICE: 0.8685 @ 06:01 BST May 22
  • SUP 1: 0.8661 Low May 11
  • SUP 2: 0.8649 76.4% retracement of the Dec 1 - Feb 3 bull run
  • SUP 3: 0.8593 Low Dec 15 2022
  • SUP 4: 0.8562 Low Dec 13 2022

EURGBP is unchanged and continues to consolidate just above its recent lows. The trend condition is bearish. The break earlier this month of 0.8719, Mar 15 low, confirmed a resumption of the bear cycle that began Feb 3 and this has opened 0.8649, a Fibonacci retracement. On the upside, Initial firm resistance is at 0.8733 the 20-day EMA. The 50-day EMA intersects at 0.8770 where a clear break is required to signal a potential reversal.

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