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Consolidating

EURGBP TECHS
  • RES 4: 0.8840 High Feb 4
  • RES 3: 0.8791/8845 High Feb 12 / 2.0% 10-dma envelope
  • RES 2: 0.8731 High Feb 26
  • RES 1: 0.8721 High Apr 26
  • PRICE: 0.8700 @ 06:07 BST May 3
  • SUP 1: 0.8662 20-day EMA
  • SUP 2: 0.8589 Low Apr 19
  • SUP 3: 0.8472 Low Apr 5 and the bear trigger
  • SUP 4: 0.8430 Low Feb 27, 2020

EURGBP is unchanged and still in a consolidation mode. The cross on Apr 26 probed former resistance at 0.8719, Apr 16 high. The recovery from 0.8589, Apr 19 low signals scope for an extension higher and a clear breach of 0.8719 would confirm a resumption of the uptrend that started Apr 4. This would open 0.8731, Feb 26 high and 0.8762, a retracement level. Key support to watch is 0.8589. A break would be bearish.

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