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Corrective Bounce

EURGBP TECHS
  • RES 4: 0.8701/21 High May 7 / High Apr 26 and the bull trigger
  • RES 3: 0.8646/72 High Jun 1 / High May 25
  • RES 2: 0.8618/29 High Jul 8 and key resistance / High Jun 15
  • RES 1: 0.8589 50-day EMA
  • PRICE: 0.8583 @ 06:27 BST Jul 19
  • SUP 1: 0.8504 Low Jul 14 and key short-term support
  • SUP 2: 0.8472/69 Low Apr 5 / 1% 10-dma envelope
  • SUP 3: 0.8430 Low Feb 27, 2020
  • SUP 4: 0.8356 Low Feb 26, 2020

EURGBP is trading higher today. The current recovery is likely a correction with S/T bearish conditions still dominating. This follows the recent break of support at 0.8531, 76.4% of the Apr 5 - 26 rally and 0.8530, the Jun 23 low. The break signals potential for a move towards support at 0.8472, Apr 5 low. The cross on Jul 8, probed resistance at 0.8616, Jul 1 high. A clear break of this hurdle is required to neutralise the current bearish theme.

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