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EURGBP TECHS: Trading Closer To Its Recent Lows

EURGBP TECHS
  • RES 4: 0.8586 76.4% retracement of the Apr 23 - Jun 14 bear leg  
  • RES 3: 0.8568 High May 20
  • RES 2: 0.8476/99 50-day EMA / High Jul 1 and a key resistance 
  • RES 1: 0.8441 20-day EMA  
  • PRICE: 0.8423 @ 07:58 BST Jul 22
  • SUP 1: 0.8383 Low Jul 17 
  • SUP 2: 0.8345 1.0% 10-dma envelope
  • SUP 3: 0.8366 2.236 proj of the Apr 23 - 30 - May 9 price swing
  • SUP 4: 0.8322 2.618 proj of the Apr 23 - 30 - May 9 price swing

EURGBP is in consolidation mode. A bear cycle remains intact and the cross is trading closer to its recent lows. Recent weakness resulted in a print below key support at 0.8397, the Jun 14 low and a bear trigger. Clearance of this level would resume the medium-term downtrend and pave the way for an extension towards 0.8366, a Fibonacci projection. Initial firm resistance is seen at 0.8441, the 20-day EMA.

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