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Heading South

  • RES 4: 0.8835 High May 3
  • RES 3: 0.8814 High May 4
  • RES 2: 0.8748 50-day EMA
  • RES 1: 0.8706 20-day EMA
  • PRICE: 0.8632 @ 06:18 BST May 31
  • SUP 1: 0.8628 Low May 30
  • SUP 2: 0.8593 Low Dec 15 2022
  • SUP 3: 0.8562 Low Dec 13 2022
  • SUP 4: 0.8547 Low Dec 1 2022 and key support

The EURGBP trend needle continues to point south and the cross is trading at its recent lows. Price traded to a fresh YTD low yesterday and confirmed a breach of 0.8661, the May 11 low. This maintains the bearish sequence of lower lows and lower highs and it is worth noting that 50- and 200-dmas are on the cusp of death cross - a bearish technical signal. The focus is on 0.85983, the Dec 15 low. Initial firm resistance is at 0.8706 the 20-day EMA.

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