Downside Bias Returns

• RES 4: 0.8791 2.0% 10-dma envelope / High Feb 12
• RES 3: 0.8731 High Feb 26
• RES 2: 0.8701/21 High May 7 / High Apr 26 and the bull Trigger
• RES 1: 0.8672 High May 25
• PRICE: 0.8601 @ 16:24 BST May 27
• SUP 1: 0.8584/61 Low May 21 / Low May 12
• SUP 2: 0.8531 76.4% retracement of the Apr 5 - 26 rally
• SUP 3: 0.8472 Low Apr 5 and the bear trigger
• SUP 4: 0.8446 2.0% 10-dma envelope

Markets confirmed EURGBP short-term gains were corrective, with the cross returning to a downside bias. A bearish theme still dominates and the low print on May 12 of 0.8561 takes focus. The move lower saw the cross move out of its recent range suggesting scope for a deeper pullback, potentially towards the key support at 0.8472, Apr 5 low. The trigger for a move lower is 0.8561. On the upside, the key resistance and bull trigger is unchanged at 0.8721, Apr 26 high.