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EURGBP TECHS: Corrective Bounce

EURGBP TECHS
Foreign Exchange Technical AnalysisCEEMEABulletUKGlobalForeign Exchange BulletsRegion
  • RES 4: 0.499 High Jul 1 and a key resistance  
  • RES 3: 0.8478 High Jul 5
  • RES 2: 0.8464 50-day EMA 
  • RES 1: 0.8449 High Jul 26
  • PRICE: 0.8446 @ 15:30 BST Jul 26
  • SUP 1: 0.8393/83 Low Jul 25 17 and the bear trigger  
  • SUP 2: 0.8366 2.236 proj of the Apr 23 - 30 - May 9 price swing
  • SUP 3: 0.8328 1.0% 10-dma envelope
  • SUP 4: 0.8279 3.00 proj of the Apr 23 - 30 - May 9 price swing

Despite the strong bounce Thursday in EURGBP, a bear cycle remains intact. Recent weakness resulted in a print below key support at 0.8397, the Jun 14 low and a bear trigger. A clear break of this level would confirm a resumption of the medium-term downtrend and pave the way for an extension towards 0.8366, a Fibonacci projection. The 20-day EMA has been breached, the next firm resistance is seen at 0.8467, the 50-day EMA.

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  • RES 4: 0.499 High Jul 1 and a key resistance  
  • RES 3: 0.8478 High Jul 5
  • RES 2: 0.8464 50-day EMA 
  • RES 1: 0.8449 High Jul 26
  • PRICE: 0.8446 @ 15:30 BST Jul 26
  • SUP 1: 0.8393/83 Low Jul 25 17 and the bear trigger  
  • SUP 2: 0.8366 2.236 proj of the Apr 23 - 30 - May 9 price swing
  • SUP 3: 0.8328 1.0% 10-dma envelope
  • SUP 4: 0.8279 3.00 proj of the Apr 23 - 30 - May 9 price swing

Despite the strong bounce Thursday in EURGBP, a bear cycle remains intact. Recent weakness resulted in a print below key support at 0.8397, the Jun 14 low and a bear trigger. A clear break of this level would confirm a resumption of the medium-term downtrend and pave the way for an extension towards 0.8366, a Fibonacci projection. The 20-day EMA has been breached, the next firm resistance is seen at 0.8467, the 50-day EMA.