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Recent Gains Appear To Be A Correction

EURGBP TECHS
  • RES 4: 0.8749 50.0% retracement of the Feb 3 - Jun 19 downleg
  • RES 3: 0.8719 High May 23 and a congestion high
  • RES 2: 0.8677/8701 100-dma / High Jul 19
  • RES 1: 0.8656 High Aug 3
  • PRICE: 0.8605 @ 16:25 BST Aug 8
  • SUP 1: 0.8598/44 20-day EMA / Low Jul 27
  • SUP 2: 0.8506 1.0% 10-dma envelope
  • SUP 3: 0.8504 Low Jul 11 and key support
  • SUP 4: 0.8471 Low Aug 29 2022

EURGBP is trading closer to its recent highs and this suggests that the current corrective cycle remains in play for now. A resumption of gains would signal scope for a test of key short-term resistance at 0.8701, the Jul 19 high. From a trend perspective, moving average studies continue to highlight a dominant downtrend - a break of 0.8544, the Jul 27 low, would strengthen a bearish theme.

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