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Pullback Considered Corrective

EURGBP TECHS
  • RES 4: 0.8658 High Sep 29 2021
  • RES 3: 0.8643 High Sep 30 2021
  • RES 2: 0.8619 High May 12 and bull trigger
  • RES 1: 0.8590 High Jun 6
  • PRICE: 0.8561 @ 06:36 BST Jun 9
  • SUP 1: 0.8466/8433 50-day EMA / Low May 23
  • SUP 2: 0.8393/ 0.8391 Low May 17 / 61.8% of Apr 14 - May 12 upleg
  • SUP 3: 0.8367 Low May 2
  • SUP 4: 0.8337 76.4% retracement of the Apr 14 - May 12 upleg

EURGBP has recovered from Tuesday’s low of 0.8492, proving pullbacks remain corrective for now. The recovery from the May 17 low of 0.8393 highlights a bullish theme and signals scope for a climb towards 0.8619, May 12 high and the next key hurdle for bulls. A break of this level would resume the uptrend that started Mar 7. Key short-term support is unchanged at 0.8393, May 17 low. A break would be bearish.

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  • RES 4: 0.8658 High Sep 29 2021
  • RES 3: 0.8643 High Sep 30 2021
  • RES 2: 0.8619 High May 12 and bull trigger
  • RES 1: 0.8590 High Jun 6
  • PRICE: 0.8561 @ 06:36 BST Jun 9
  • SUP 1: 0.8466/8433 50-day EMA / Low May 23
  • SUP 2: 0.8393/ 0.8391 Low May 17 / 61.8% of Apr 14 - May 12 upleg
  • SUP 3: 0.8367 Low May 2
  • SUP 4: 0.8337 76.4% retracement of the Apr 14 - May 12 upleg

EURGBP has recovered from Tuesday’s low of 0.8492, proving pullbacks remain corrective for now. The recovery from the May 17 low of 0.8393 highlights a bullish theme and signals scope for a climb towards 0.8619, May 12 high and the next key hurdle for bulls. A break of this level would resume the uptrend that started Mar 7. Key short-term support is unchanged at 0.8393, May 17 low. A break would be bearish.