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Needle Points South

EURGBP TECHS
  • RES 4: 0.8788 2.0% 10-dma envelope / 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: 0.8672 High May 25
  • PRICE: 0.8589 @ 06:15 BST Jun 1
  • SUP 1: 0.8575/61 Low May 28 / 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: 0.8444 2.0% 10-dma envelope

The EURGBP outlook remains bearish reinforced, by the move lower on May 26 and 27. Attention is on support at 0.8561, May 12 low where a break would strengthen a bearish theme and open 0.8531, a Fibonacci retracement ahead of the key support and bear trigger at 0.8472, Apr 5 low. On the upside, firm short-term resistance has been defined at 0.8672, May 25 high. A break would alter the picture.

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