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Bearish Threat

EURGBP TECHS
  • RES 4: 0.8840 High Feb 4
  • RES 3: 0.8791/8837 High Feb 12 / 2.0% 10-dma envelope
  • RES 2: 0.8731 High Feb 26
  • RES 1: 0.8673/8719 High Apr 19 / High Apr 16 and key resistance
  • PRICE: 0.8639 @ 06:23 BST Apr 21
  • SUP 1: 0.8589 Low Apr 19
  • SUP 2: 0.8582 Low Apr 7
  • SUP 3: 0.8472 Low Apr 5 and the bear trigger
  • SUP 4: 0.8430/8397 Low Feb 27, 2020 / 3.0% Lower Bollinger Band

EURGBP remains below the Apr 16 high of 0.8719. The inability to hold above the 0.8700 handle is an early indication that the recent corrective bounce is over. Monday's sell-off in the cross opens 0.8582, Apr 7 low and exposes the Apr 5 low of 0.8472. Medium-term moving average signals are bearish, in line with the broader downtrend that has dominated since Sep 2020. A break of 0.8719 is required to reinstate a bullish theme.

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