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EURGBP TECHS: Monitoring Resistance At The 50-Day EMA

EURGBP TECHS
Foreign Exchange Technical AnalysisCEEMEABulletUKGlobalForeign Exchange BulletsRegion
  • RES 4: 0.8568 High May 20  
  • RES 3: 0.8550 61.8% retracement of the Apr 23 - Jun 14 bear leg 
  • RES 2: 0.8546 1.0% 10-dma envelope
  • RES 1: 0.8503 50-day EMA 
  • PRICE: 0.8470 @ 16:19 BST Jul 2
  • SUP 1: 0.8431 Low Jun 25    
  • SUP 2: 0.8397 Low Jun 14 and the bear trigger
  • SUP 3: 0.8388 Low Aug 17 2022
  • SUP 4: 0.8366 2.236 proj of the Apr 23 - 30 - May 9 price swing 

EURGBP has traded above last week’s high of 0.8478 (Jun 24) and the cross is holding on to its latest gains. Recent gains signal scope for a stronger corrective cycle and sights are on resistance at 0.8503, the 50-day EMA. A clear break of this average would undermine the recent bearish theme. Initial firm support to watch lies at 0.8431, the Jun 25 low. A reversal lower and a break of this support would open 0.8397, the Jun 14 low and bear trigger.   

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  • RES 4: 0.8568 High May 20  
  • RES 3: 0.8550 61.8% retracement of the Apr 23 - Jun 14 bear leg 
  • RES 2: 0.8546 1.0% 10-dma envelope
  • RES 1: 0.8503 50-day EMA 
  • PRICE: 0.8470 @ 16:19 BST Jul 2
  • SUP 1: 0.8431 Low Jun 25    
  • SUP 2: 0.8397 Low Jun 14 and the bear trigger
  • SUP 3: 0.8388 Low Aug 17 2022
  • SUP 4: 0.8366 2.236 proj of the Apr 23 - 30 - May 9 price swing 

EURGBP has traded above last week’s high of 0.8478 (Jun 24) and the cross is holding on to its latest gains. Recent gains signal scope for a stronger corrective cycle and sights are on resistance at 0.8503, the 50-day EMA. A clear break of this average would undermine the recent bearish theme. Initial firm support to watch lies at 0.8431, the Jun 25 low. A reversal lower and a break of this support would open 0.8397, the Jun 14 low and bear trigger.