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Peso Loses Some Altitude

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  • RES 4: 0.8777 2.0% 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: 0.8646/72 High Jun 1 / High May 25
  • PRICE: 0.8595 @ 16:59 BST Jun 10
  • SUP 1: 0.8565/61 Low Jun 4 / 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: 0.8433 2.0% 10-dma envelope

EURGBP failed to materially expand the recent range Thursday, with the ECB failing to provide impetus in either direction. The broader outlook is bearish following the move lower between May 25 - 28. Initial resistance is at 0.8672, May 25 high and while this holds, attention is on 0.8561, May 12 low. A break would strengthen a bearish case and expose 0.8531, a Fibonacci retracement ahead of key support at 0.8472, Apr 5 low. A move above 0.8672 alters the picture.