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EURGBP TECHS: Trend Needle Points South

EURGBP TECHS
  • RES 4: 0.8541 High May 31
  • RES 3: 0.8538 1.0% 10-dma envelope
  • RES 2: 0.8504 50-day EMA 
  • RES 1: 0.8482 High Jun 24 
  • PRICE: 0.8478 @ 16:23 BST Jun 28
  • SUP 1: 0.8397 Low Jun 14 and the bear trigger 
  • SUP 2: 0.8388 Low Aug 17 2022
  • SUP 3: 0.8366 2.236 proj of the Apr 23 - 30 - May 9 price swing
  • SUP 4: 0.8340 Low Aug 2 2022  

A bearish theme in EURGBP remains intact, with the Friday recovery appearing corrective in nature. Moving average studies are in a bear mode position, highlighting a clear downtrend. The latest move down, reinforced the bear cycle and has  maintained the price sequence of lower lows and lower highs. Scope is seen for a move towards 0.8366 next, a Fibonacci projection. Resistance at the 0.8470 20-day EMA has been pierced. The 50-day EMA is at 0.8504.   

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