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Correcting And Remains Above Support

EURGBP TECHS
  • RES 4: 0.8745 2.0% 10-dma envelope
  • RES 3: 0.8701/21 High May 7 / High Apr 26 and the bull trigger
  • RES 2: 0.8672 High May 25
  • RES 1: 0.8670 High Jul 20 and 76.4% of the Apr - Jul bearish phase
  • PRICE: 0.8563 @ 16:26 BST Jul 22
  • SUP 1: 0.8551 Low Jul 22
  • SUP 2: 0.8504 Low Jul 14 and key short-term support
  • SUP 3: 0.8482/72 1% 10-dma envelope / Low Apr 5
  • SUP 4: 0.8430 Low Feb 27, 2020

EURGBP is retracing part of its recent rally. Despite the pullback, the short-term outlook remains bullish. The cross earlier has recently breached a number of important resistance levels and Fibonacci retracements. The rally this week also highlights a stronger reversal of the Apr - Jul bearish phase and suggests scope for gains toward the bull trigger of 0.8721, Apr 26 high. Key support has been defined at 0.8504, Jul 14 low. Initial support is 0.8593.

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