EURGBP TECHS: Trend Structure Remains Bearish

• RES 4: 0.8525 High Jun 6  
• RES 3: 0.8499 High Jul 1 and a key resistance 
• RES 2: 0.8478 High Jul 5
• RES 1: 0.8459/61 50-day EMA / High Jul 29
• PRICE: 0.8428 @ 16:41 BST Jul 31
• 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: 0.8333 1.0% 10-dma envelope
• SUP 4: 0.8279 3.00 proj of the Apr 23 - 30 - May 9 price swing

Recent gains in EURGBP continue to appear corrective in nature and a bearish theme remains intact. The move down earlier this month resulted in a print below key support at 0.8397, the Jun 14 low and a bear trigger. A clear break of this price level would confirm a resumption of the medium-term downtrend and open 0.8366, a Fibonacci projection. The 20-day EMA has been breached, the next firm resistance is seen at 0.8459, the 50-day EMA.