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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: 0.8579 @ 06:16 BST Jul 5
  • SUP 1: 0.8564 Low Jul 1
  • SUP 2: 0.8530/31 Low June 23 / 76.4% of the Apr 5 - 26 rally
  • SUP 3: 0.8492 1.0% 10-dma envelope
  • SUP 4: 0.8472 Low Apr 5 and the bear trigger

EURGBP is trading closer to last week's lows. The outlook remains bearish. Support at 0.8561, May 12 low was breached Jun 17. This continues to signal the end of the recent consolidation and highlights a bearish theme. Attention is on 0.8531, 76.4% of the Apr 5 - 26 rally and just above the Jun 23 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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