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Impulsive Break Lower

EURGBP TECHS
  • RES 4: 0.8621 High May 9 and a key short-term resistance
  • RES 3: 0.8593 1.0% 10-dma envelope
  • RES 2: 0.8541 High May 31
  • RES 1: 0.8525 20-day EMA
  • PRICE: 0.8443 @ 16:17 BST Jun 10
  • SUP 1: 0.8440 Low Jun 10
  • SUP 2: 0.8408 Low Aug 24 2022
  • SUP 3: 0.8388 Low Aug 17 2022
  • SUP 4: 0.8366 2.236 proj of the Apr 23 - 30 - May 9 price swing

EURGBP has started the week on a bearish note and has cleared support at 0.8484, the May 29 low and bear trigger. This confirms a resumption of the downtrend and signals scope for a continuation lower near-term. Sights are on 0.8408 next, the Aug 24 ‘23 low. 0.8453, the 76.4% retracement of the Mar 7 ‘22 - Sep 26 ‘22 bull cycle has been tested, a break would reinforce the bearish theme. Resistance is at 0.8525, the 20-day EMA.

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