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Bull Cycle Still In Play

EURGBP TECHS
  • RES 4: 0.8678 38.2% retracement of the Feb 3 - Aug 23 bear cycle
  • RES 3: 0.8620 High Jan 20
  • RES 2: 0.8607 23.6% retracement of the Feb 3 - Aug 23 bear cycle
  • RES 1: 0.8575/8602 High Apr 02 / 22
  • PRICE: 0.8567 @ 06:27 GMT Apr 3
  • SUP 1: 0.8530/8504 Low Mar 29 and Mar 8
  • SUP 2: 0.8493 Low Aug 23 2023 and a key medium-term support
  • SUP 3: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase
  • SUP 4: 0.8388 Low Aug 17 2023

A bullish cycle in EURGBP remains intact and the recent move lower appears to be a correction. The breach in March of resistance at 0.8578, the Feb 20 high, confirmed a range breakout highlighting a short-term bull theme. A resumption of gains would open 0.8607, a Fibonacci retracement. Note that MA studies are in a bear-mode position and this continues to highlight a dominant M/T downtrend. The bear trigger is 0.8493, the Aug 23 2023 low.

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