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Bearish Threat Remains Present

EURGBP TECHS
  • RES 4: 0.8918 76.4% retracement of the Feb 3 - Mar 15 bear leg
  • RES 3: 0.8880 61.8 retracement of the Feb 3 - Mar 15 bear leg
  • RES 2: 0.8875 High Apr 25 and key short-term resistance
  • RES 1: 0.8839 High Apr 28
  • PRICE: 0.8754 @ 16:40 BST May 4
  • SUP 1: 0.8746 Low May 4
  • SUP 2: 0.8729 Low Apr 4
  • SUP 3: 0.8719 Low Mar 15 and key support
  • SUP 4: 0.8691 Low Dec 19

EURGBP trades softer, but remains above its recent lows for now. The Apr 28 sell-off continues to highlight a bearish threat. The cross cleared support at 0.8792, the Apr 19 low and a resumption of weakness would pave the way for a test of support at 0.8719, the Mar 15 low and a key level. On the upside, key short-term resistance has been defined at 0.8875, the Apr 25 high. A break of this hurdle would reinstate a bullish theme.

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