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Corrective Pullback

EURGBP TECHS
  • RES 4: 0.8749 50.0% retracement of the Feb 3 - Jun 19 downleg
  • RES 3: 0.8719 High May 23
  • RES 2: 0.8700 100-dma
  • RES 1: 0.8701 High Jul 19 and key short-term resistance
  • PRICE: 0.8626 @ 06:14 BST Jul 25
  • SUP 1: 0.8621 50-day EMA
  • SUP 2: 0.8600 20-day EMA
  • SUP 3: 0.8564 Low Jul 17
  • SUP 4: 0.8504 Low Jul 11 and key support

The latest pullback in EURGBP appears to be a correction. The short-term uptrend remains intact and momentum is pointed higher for now, signalling scope for an extension towards the 100-dma of 0.8700 and congestion resistance at 0.8719, the May 23 high. Initial firm support is seen at 0.8600, the 20-day EMA. A move through this average would highlight a stronger reversal and expose key support at and bear trigger at 0.8504, the Jul 11 low.

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