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Bearish Threat

  • RES 4: 0.8498/8535 High Dec 23 / 2.0% 10-dma envelope
  • RES 3: 0.8478 High Feb 7 and a bull trigger
  • RES 2: 0.8458 High Mar 17
  • RES 1: 0.8374 High Mar 22
  • PRICE: 0.8346 @ 06:30 GMT Mar 25
  • SUP 1: 0.8296 Low Mar 23
  • SUP 2: 0.8278 Low Mar 7
  • SUP 3: 0.8203 Low Mar 7 and the bear trigger
  • SUP 4: 0.8131 Low Jun 27, 2016

Weakness in EURGBP this week threatens the recent bullish theme and has exposed support at 0.8278, Mar 7 low. A break of this level would highlight a stronger bearish reversal and exposes key short-term support at 0.8203, Mar 7 low. The cross is also once again trading below both the 20- and 50-day EMAs - a bearish development. For bulls, a recovery would refocus attention on 0.8458, Mar 17 high and a bull trigger.

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