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Bullish Outlook

EURGBP TECHS
  • RES 4: 0.9011 2.0% 10-dma envelope
  • RES 3: 0.8918 76.4% retracement of the Feb 3 - Mar 15 bear leg
  • RES 2: 0.8880 61.8 retracement of the Feb 3 - Mar 15 bear leg
  • RES 1: 0.8875 High Apr 25
  • PRICE: 0.8825 @ 06:29 BST Apr 28
  • SUP 1: 0.8815/8792 50-day EMA / Low Apr 19
  • SUP 2: 0.8763 Low Apr 11
  • SUP 3: 0.8729 Low Apr 4
  • SUP 4: 0.8719 Low Mar 15 and key support

A bull cycle in EURGBP remains in play despite Thursday’s pullback. Recent price action resulted in a break of trendline resistance that intersects at 0.8831 - drawn from the Feb 3 high. Also, 0.8866, the Mar 23 high, has been pierced - on Apr 17. A clear break of the trendline and 0.8866 would strengthen bullish conditions and expose 0.8880 initially, a Fibonacci retracement. Key short-term support is unchanged at 0.8792, the Apr 19 low.

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