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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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Remains Vulnerable

  • RES 4: 0.87881 2.0% 10-dma envelope / High Feb 12
  • RES 3: 0.8731 High Feb 26
  • RES 2: 0.8701/21 High May 7 / High Apr 26 and the bull Trigger
  • RES 1: 0.8672 High May 25
  • PRICE: 0.8606 @ 14:30 BST May 31
  • SUP 1: 0.8575/61 Low May 28 / Low May 12
  • SUP 2: 0.8531 76.4% retracement of the Apr 5 - 26 rally
  • SUP 3: 0.8472 Low Apr 5 and the bear trigger
  • SUP 4: 0.8443 2.0% 10-dma envelope

EURGBP remains vulnerable, reinforced by the move lower on May 26 and 27. Attention turns to support at 0.8561, May 12 low where a break would strengthen a bearish theme and open 0.8531, a Fibonacci retracement ahead of the key support and bear trigger at 0.8472, Apr 5 low. On the upside, firm short-term resistance has been defined at 0.8672, May 25 high. A break would alter the picture.

MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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