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Deeper Retracement

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: 0.8696/8701 100-dma / High Jul 19
  • RES 1: 0.8637 High Jul 25
  • PRICE: 0.8575 @ 07:17 BST Jul 26
  • SUP 1: 0.8564 Low Jul 17
  • SUP 2: 0.8520 1.0% 10-dma envelope
  • SUP 3: 0.8504 Low Jul 11 and key support
  • SUP 4: 0.8471 Low Aug 29 2022

EURGBP traded sharply lower Tuesday. This threatens the recent bull theme and note that the cross has breached both the 20-day and 50-day EMAs, signalling a stronger reversal. The move lower opens 0.8564 initially, Jul 17 low, ahead of 0.8504, the Jul 11 low and key support. Initial firm resistance is at yesterday’s high of 0.8637. Clearance of the 100-dma of 0.8696 and congestion at 0.8719, the May 23 high, would reinstate a bullish theme.

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