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Bearish Sequence Extends

EURGBP TECHS
  • RES 4: 0.8668 High Mar 3
  • RES 3: 0.8646 High Mar 24 and the S/T reversal trigger
  • RES 2: 0.8572 High Mar 26
  • RES 1: 0.8564 20-day EMA
  • PRICE: 0.8489 @ 06:18 GMT Apr 6
  • SUP 1: 0.8472 Low Apr 5
  • SUP 2: 0.8453 3.0% Lower Bollinger Band
  • SUP 3: 0.8430 Low Feb 27, 2020
  • SUP 4: 0.8356 Low Feb 26

EURGBP remains bearish and yesterday registered a fresh trend low once again. This maintains the current price sequence of lower lows and lower highs, reinforcing bearish sentiment. The cross has breached the 38.2% retracement of the 2015 - 2020 rally at 0.8521. An extension lower would open 0.8430, the Feb 27, 2020 low. Firm trend resistance is seen at 0.8646, Mar 24 high where a break is needed to signal a short-term reversal.

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