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Bearish Threat Still Present

EURGBP TECHS
  • RES 4: 0.8624 High Oct 1 2021
  • RES 3: 0.8600 High Dec 8 2022
  • RES 2: 0.8512/59 High Mar 31 / 2.0% 10-dma envelope
  • RES 1: 0.8377/8435 50-day EMA / High Apr 4
  • PRICE: 0.8346 @ 19:46 BST Apr 8
  • SUP 1: 0.8296 Low Mar 23 and a key support
  • SUP 2: 0.8276 76.4% retracement of the Mar 7 - 31 rally
  • SUP 3: 0.8203 Low Mar 7 and the bear trigger
  • SUP 4: 0.8117 High Apr 7 2016

EURGBP remains vulnerable. Last week’s move lower marked an extension of the reversal from the 0.8512 high on Mar 31. This recent move lower, signals scope for a continuation of the bear leg and the cross has traded through both the 20- and 50-day EMAs. The focus is on 0.8296, the Mar 23 low. On the upside, initial resistance is seen at 0.8377, the 50-day EMA ahead of 0.8435, the Apr 4 high.

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