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Bearish Threat Still Present

EURGBP TECHS
  • RES 4: 0.8498/8539 High Dec 23 / 2.0% 10-dma envelope
  • RES 3: 0.8478 High Feb 7
  • RES 2: 0.8458 High Mar 17 and a bull trigger
  • RES 1: 0.8397 High Mar 28
  • PRICE: 0.8393 @ 17:31 GMT Mar 28
  • 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

EURGBP edged higher into the Monday close, but price action did erase the current bearish threat. The recent pullback highlights a negative outlook and has exposed support at 0.8278, Mar 7 low. Clearance of this level would suggest a stronger bearish reversal and expose key short-term support at 0.8203, Mar 7 low. The cross remains below both the 20- and 50-day EMAs reinforcing a bearish theme. For bulls, a recovery would refocus attention on 0.8458, Mar 17 high. A break would be a positive development.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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