May 17, 2024 05:16 GMT
Pullback Appears To Be A Correction
EURGBP TECHS
- RES 4: 0.8665 61.8% retracement of the Nov 20 - Feb 14 bear cycle
- RES 3: 0.8676 1.0% 10-dma envelope
- RES 2: 0.8645 High Apr 23 and the bull trigger
- RES 1: 0.8621 High May 9
- PRICE: 0.8577 @ 06:15 BST May 17
- SUP 1: 0.8572/31 50-day EMA / Low Apr 30 and the bear trigger
- SUP 2: 0.8521/8504 Low Apr 17 / Low Mar 8
- SUP 3: 0.8498/93 Low Feb 14 / Low Aug 23 2023 and key support
- SUP 4: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase
EURGBP is trading just above this week’s low. Despite the latest pullback, a bullish short-term bullish structure remains in place - moving average studies are in a bull-mode set-up, highlighting a rising trend. A resumption of gains would open 0.8645, the Apr 23 high and a key short-term resistance. Clearance of this hurdle would be viewed as an important technical break. Initial support to watch is 0.8572, the 50-day EMA.
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