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Needle Still Points South

EURGBP TECHS
  • RES 4: 0.8731 High Feb 26
  • RES 3: 0.8701/21 High May 7 / High Apr 26 and the bull trigger
  • RES 2: 0.8646/72 High Jun 1 / High May 25
  • RES 1: 0.8616/29 High Jul 1 / High Jun 15
  • PRICE: 0.8612 @ 16:12 BST Jul 1
  • SUP 1: 0.8530/31 Low June 23 / 76.4% of the Apr 5 - 26 rally
  • SUP 2: 0.8487 1.0% 10-dma envelope
  • SUP 3: 0.8472 Low Apr 5 and the bear trigger
  • SUP 4: 0.8401 2.0% 10-dma envelope

EURGBP initially traded lower Thursday, keeping the outlook bearish, but managed to bounce somewhat into the close. Support at 0.8561, May 12 low was breached Jun 17. This marked the end of the recent consolidation signalling scope for a deeper pullback. Attention is on 0.8531, 76.4% of the Apr 5 - 26 rally and just above last week's low. A break would expose key support at 0.8472, Apr 5 low. Initial firm resistance is unchanged at 0.8646, Jun 1 high.

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