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Outlook Remains Bearish

EURGBP TECHS
  • RES 4: 0.8627 High Jul 4
  • RES 3: 0.8585 High Jul 21 and a key resistance
  • RES 2: 0.8497 50-day EMA
  • RES 1: 0.8426/74 High Jul 27 / 20-day EMA
  • PRICE: 0.8391 @ 06:19 BST Aug 1
  • SUP 1: 0.8346 Low Jul 28
  • SUP 2: 0.8313 Low Apr 22
  • SUP 3: 0.8291 2.0% 10-dma envelope
  • SUP 4: 0.8250 Low Apr 14 and a key support

The sharp drop in EURGBP last week, reinforces bearish conditions and puts the cross at new multi-month lows. The latest spell of weakness has also resulted in a print below 0.8367, the May 2 low. A continuation lower would open 0.8313 next, the Apr 22 low. The Jul 21 high of 0.8585 has been defined as a key short-term resistance where a break is required to reinstate a bullish theme. Initial firm resistance is at 0.8474, the 20-day EMA.

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