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Bearish Reversal

EURGBP TECHS
  • RES 4: 0.8624 High Oct 1 2021
  • RES 3: 0.8600 High Dec 8 2022
  • RES 2: 0.8512/56 High Mar 31 / 2.0% 10-dma envelope
  • RES 1: 0.8435 High Apr 4
  • PRICE: 0.8337 @ 17:08 BST Apr 5
  • SUP 1: 0.8328 Low Apr 5
  • SUP 2: 0.8322 Low Mar 28
  • SUP 3: 0.8296 Low Mar 23 and a key support
  • SUP 4: 0.8278 Low Mar 8

EURGBP extends this week’s weakness. The cross moved lower for a second session Tuesday, marking an extension of the pullback from last week’s 0.8512 high on Mar 31. This reverses a recent bullish theme and signals scope for a continuation of current weakness. 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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