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Pullback Considered Corrective

EURGBP TECHS
  • RES 4: 0.8658 High Sep 28 2021
  • RES 3: 0.8624 High Oct 1 2021
  • RES 2: 0.8600 High Dec 8 2022
  • RES 1: 0.8512/56 High Mar 31 / 2.0% 10-dma envelope
  • PRICE: 0.8377 @ 17:26 BST Apr 4
  • SUP 1: 0.8367 Low Apr 04
  • SUP 2: 0.8296 Low Mar 23 and a key support
  • SUP 3: 0.8278 Low Mar 7
  • SUP 4: 0.8203 Low Mar 7 and the bear trigger

EURGBP remains below last Thursday’s high of 0.8512. The recent pullback is likely a correction and the outlook remains bullish. A key short-term resistance at 0.8458, Mar 17 high, was breached last week highlighting a reversal. The break confirms a resumption of the uptrend that started Mar 7 and signals scope for an extension near-term. The focus is on 0.8556, the upper band of the 2.0% 10-dma envelope. Support is at 0.8296.

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