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Corrective Pullback Extends

EURGBP TECHS
  • RES 4: 0.8670 High Jul 20 2021
  • RES 3: 0.8658/77 High Sep 29 2021 / 2.0% 10-dma envelope
  • RES 2: 0.8643 High Sep 30 2021
  • RES 1: 0.8534/8619 High May 16 / High May 12
  • PRICE: 0.8464 @ 06:47 BST May 17
  • SUP 1: 0.8457 Intraday low
  • SUP 2: 0.8415 50-day EMA
  • SUP 3: 0.8367 Low May 2 and a key support
  • SUP 4: 0.8313 Low Apr 22

EURGBP traded lower Monday and the cross remains below its recent highs, following a reversal on May 12. The short-term pullback is considered corrective and the trend condition remains bullish. A resumption of strength would open 0.8624, the Oct 1 2021 high and 0.8677, the top of a moving average envelope. Firm support is seen at 0.8415, the 50-day EMA. A break would expose 0.8367, the May 2 low and a key support.

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