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EURGBP TECHS: Impulsive Bear Wave Extends

EURGBP TECHS
  • RES 4: 0.8621 High May 9 and a key short-term resistance
  • RES 3: 0.8588 1.0% 10-dma envelope
  • RES 2: 0.8541 High May 31
  • RES 1: 0.8484/8519 Low May 29 / 20-day EMA 
  • PRICE: 0.8430 @ 16:24 BST Jun 12
  • SUP 1: 0.8418 Low Jun 12
  • SUP 2: 0.8408 Low Aug 24 2022
  • SUP 3: 0.8388 Low Aug 17 2022
  • SUP 4: 0.8366 2.236 proj of the Apr 23 - 30 - May 9 price swing  

A bearish theme in EURGBP remains intact and this week’s move lower reinforces this condition. Monday’s sell-off and break of support at 0.8484, the May 29 low and bear trigger, confirms a resumption of the downtrend. Sights are on 0.8408 next, the Aug 24 ‘22 low. 0.8453, 76.4% of the Mar 7 ‘22 - Sep 26 ‘22 bull cycle has been breached, the break reinforces the bearish theme. Firm resistance is at 0.8519, the 20-day EMA.

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  • RES 4: 0.8621 High May 9 and a key short-term resistance
  • RES 3: 0.8588 1.0% 10-dma envelope
  • RES 2: 0.8541 High May 31
  • RES 1: 0.8484/8519 Low May 29 / 20-day EMA 
  • PRICE: 0.8430 @ 16:24 BST Jun 12
  • SUP 1: 0.8418 Low Jun 12
  • SUP 2: 0.8408 Low Aug 24 2022
  • SUP 3: 0.8388 Low Aug 17 2022
  • SUP 4: 0.8366 2.236 proj of the Apr 23 - 30 - May 9 price swing  

A bearish theme in EURGBP remains intact and this week’s move lower reinforces this condition. Monday’s sell-off and break of support at 0.8484, the May 29 low and bear trigger, confirms a resumption of the downtrend. Sights are on 0.8408 next, the Aug 24 ‘22 low. 0.8453, 76.4% of the Mar 7 ‘22 - Sep 26 ‘22 bull cycle has been breached, the break reinforces the bearish theme. Firm resistance is at 0.8519, the 20-day EMA.