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Consolidation Marks A Pause In The Downtrend

EURGBP TECHS
  • RES 4: 0.8621 High May 9 and a key short-term resistance
  • RES 3: 0.8597 1.0% 10-dma envelope
  • RES 2: 0.8551 50-day EMA
  • RES 1: 0.8541 High May 31
  • PRICE: 0.8518 @ 06:39 BST Jun 5
  • SUP 1: 0.8484 Low May 29 and the bear trigger
  • SUP 2: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase
  • SUP 3: 0.8408 Low Aug 24 2023
  • SUP 4: 0.8388 Low Aug 17 2022

EURGBP is unchanged and remains in consolidation mode. The trend condition is bearish and attention is on 0.8484, the May 29 low and a bear trigger. Key supports have recently been pierced; the 0.8500 pivot level, and an important support zone between 0.8498, the Feb 14 low, and 0.8493, the Aug 23 ‘23 low. A clear breach of these price points would strengthen a bearish theme. Initial resistance to watch is 0.8541, the May 31 high.

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