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Gains Considered Corrective
- RES 4: 0.8731 High Feb 26
- RES 3: 0.8701/21 High May 7 / High Apr 26 and the bull trigger
- RES 2: 0.8646/72 High Jun 1 / High May 25
- RES 1: 0.8605/29 High Jun 25 / High Jun 15
- PRICE: 0.8591 @ 06:19 BST Jun 29
- SUP 1: 0.8530/31 Low June 23 / 76.4% of the Apr 5 - 26 rally
- SUP 2: 0.8489 1.0% 10-dma envelope
- SUP 3: 0.8472 Low Apr 5 and the bear trigger
- SUP 4: 0.8403 2.0% 10-dma envelope
EURGBP remains above recent lows. The outlook though remains bearish. Support at 0.8561, May 12 low was breached Jun 17. This highlighted the end of the recent consolidation signalling scope for a deeper pullback. The focus remains on 0.8531, 76.4% of the Apr 5 - 26 rally and just above last week's low. A break would expose key support at 0.8472, Apr 5 low. Initial firm resistance is seen at 0.8646, Jun 1 high.
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