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Corrective Pullback

EURGBP TECHS
  • RES 4: 0.8665 61.8% retracement of the Nov 20 - Feb 14 bear cycle
  • RES 3: 0.8671 1.0% 10-dma envelope
  • RES 2: 0.8645 High Apr 23 and the bull trigger
  • RES 1: 0.8621 High May 9
  • PRICE: 0.8579 @ 06:10 BST May 16
  • SUP 1: 0.8572/31 50-day EMA / Low Apr 30 and the bear trigger
  • SUP 2: 0.8521/8504 Low Apr 17 / Low Mar 8
  • SUP 3: 0.8498/93 Low Feb 14 / Low Aug 23 2023 and key support
  • SUP 4: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase

EURGBP traded lower yesterday and continues to trade below its recent high. Despite the pullback, a bullish short-term bullish condition remains in place and moving average studies are in a bull-mode set-up highlighting a rising trend. A resumption of gains would open 0.8645, the Apr 23 high and a key short-term resistance. Clearance of this hurdle would be viewed as an important technical break. Initial support to watch is 0.8572, the 50-day EMA.

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