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‌‌(M2)‌‌ Downtrend Intact


Some IG & Some Junk Due For Review On Friday


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*RES 4: 0.8988 38.2% Fib retracement of March-April decline
*RES 3: 0.8972 High Mar 31
*RES 2: 0.8911 High Apr 1
*RES 1: 0.8878 High May 13
*PRICE: 0.8848 @ 05:33 BST May 15
*SUP 1: 0.8759 Low May 12
*SUP 2: 0.8691 Low May 01 / 05
*SUP 3: 0.8671 Low Apr 30 and bear trigger
*SUP 4: 0.8657 Low Mar 9
EURGBP this week probed the 0.8865 resistance, Apr 7 high and the top of the
range the cross has been trading within since early April. Continued follow
through would confirm a range breakout and also a likely reversal of the decline
since Mar 19. Note too that a clear break would also highlight a move above the
50-dma and the 23.6% retracement of the March-April decline. This would open
0.8911, Apr 1 high and 0.8972, Mar 31 high. 0.8759 is support.

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