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Outlook Remains Bullish

EURGBP TECHS
  • RES 4: 0.9007 2.0% 10-dma envelope
  • RES 3: 0.8918 76.4% retracement of the Feb 3 - Mar 15 bear leg
  • RES 2: 0.8880 61.8 retracement of the Feb 3 - Mar 15 bear leg
  • RES 1: 0.8875 High Apr 25
  • PRICE: 0.8864 @ 15:42 BST Apr 26
  • SUP 1: 0.8816/8792 20-day EMA / Low Apr 19
  • SUP 2: 0.8763 Low Apr 11
  • SUP 3: 0.8729 Low Apr 4
  • SUP 4: 0.8719 Low Mar 15 and key support

A bull cycle in EURGBP remains in play despite the failure to hold on to Tuesday’s highs. Recent price action has seen the cross trade above trendline resistance that intersects at 0.8836 - drawn from the Feb 3 high. 0.8866, the Mar 23 high, has also been pierced - on Apr 17. A clear break of the trendline and 0.8866 would open 0.8880, a Fibonacci retracement. Key short-term support lies at 0.8792, the Apr 19 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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