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Gains Considered Corrective

EURGBP TECHS
  • RES 4: 0.8791 .0% 10-dma envelope and high Feb 12
  • RES 3: 0.8731 High Feb 26
  • RES 2: 0.8701/21 High May 7 / High Apr 26 and the bull Trigger
  • RES 1: 0.8672 High May 25
  • PRICE: 0.8634 @ 06:20 BST Jun 2
  • SUP 1: 0.8575/61 Low May 28 / Low May 12
  • SUP 2: 0.8531 76.4% retracement of the Apr 5 - 26 rally
  • SUP 3: 0.8472 Low Apr 5 and the bear trigger
  • SUP 4: 0.8446 2.0% 10-dma envelope

EURGBP bounced well Tuesday. The outlook remains bearish though following the move lower between May 25 - 28 and initial resistance has been defined at 0.8672, May 25 high. The focus is on support at 0.8561, May 12 low where a break would strengthen a bearish case and open 0.8531, a Fibonacci retracement ahead of the key support and bear trigger at 0.8472, Apr 5 low. On the upside, 0.8672 resistance would alter the picture.

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