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Moving Average Studies Highlight A Clear Downtrend

EURGBP TECHS
  • RES 4: 0.8565 1.0% 10-dma envelope
  • RES 3: 0.8541 High May 31
  • RES 2: 0.8525 50-day EMA
  • RES 1: 0.8468/8490 High Jun 17 / 20-day EMA
  • PRICE: 0.8449 @ 16:36 BST Jun 17
  • SUP 1: 0.8397 Low Jun 14
  • SUP 2: 0.8388 Low Aug 17 2022
  • SUP 3: 0.8366 2.236 proj of the Apr 23 - 30 - May 9 price swing
  • SUP 4: 0.8340 Low Aug 2 2022

A bearish theme in EURGBP remains intact and last week’s move lower reinforces this condition. The cross is trading closer to the week’s low and note that moving average studies are in a bear mode position. This set-up continues to highlight a clear downtrend. Sights are on 0.8366 next, a Fibonacci projection. Initial firm resistance is at 0.8490, the 20-day EMA. Short-term gains are considered corrective.

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