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Corrective Pullback

EURGBP TECHS
  • RES 4: 0.8600 High Dec 8 2021
  • RES 3: 0.8552/53 2.0% 10-dma envelope / High Dec 14 2020
  • RES 2: 0.8512 High Mar 31 and a key resistance
  • RES 1: 0.8433/68 High Apr 29 / High Apr 27
  • PRICE: 0.8420 @ 17:04 BST May 3
  • SUP 1: 0.8370/67 50-day EMA / Low May 2
  • SUP 2: 0.8313 Low Apr 22
  • SUP 3: 0.8250 Low Apr 14 and key short-term support
  • SUP 4: 0.8203 Low Mar 7 and the bear trigger

A bullish theme in EURGBP remains intact despite a pullback from last week’s highs. Recent gains have resulted in a break of 0.8405, the Apr 11 high. The breach of this level highlights a bullish development and has also resulted in a move above 0.8435, the Apr 4 high. An extension would open 0.8512, the Mar 31 high and the next key resistance point. Firm support to watch lies at 0.8367, Monday’s low and just below the 50-day EMA.

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