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Bullish Price Action

EURGBP TECHS
  • RES 4: 0.9007 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: 0.8854 @ 16:28 BST Apr 25
  • 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 and the cross is holding on to its most recent gains. Price has traded above trendline resistance that intersects at 0.8839 - 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 is 0.8719, Mar 15 low. A break of this level would be bearish. Initial firm support lies at 0.8792, Apr 19 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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