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Bull Cycle Remains In Play

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: 0.8872 High Apr 17
  • RES 1: 0.8861 High Apr 21
  • PRICE: 0.8851 @ 15:54 BST Apr 24
  • SUP 1: 0.8792 Low Apr 19
  • SUP 2: 0.8763/8729 Low Apr 11 / 4
  • SUP 3: 0.8719 Low Mar 15 and key support
  • SUP 4: 0.8712 61.8% retracement of the Dec 1 - Feb 3 bull leg

A bull cycle in EURGBP remains in play. The cross has traded above trendline resistance that intersects at 0.8841. The line is drawn from the Feb 3 high. 0.8866, the Mar 23 high, has been pierced - on Apr 17. A clear break of the trendline and 0.8866 would open 0.8880, a Fibonacci retracement. Key support lies at 0.8719, Mar 15 low. Clearance of this level would be bearish. Initial firm support is 0.8792, the Apr 19 low.

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