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Reverses Recent Downleg

EURGBP TECHS
  • RES 4: 0.8701/21 High May 7 / High Apr 26 and the bull trigger
  • RES 3: 0.8666/72 23.6% Sep'20 - Apr'21 Sell-Off / High May 25
  • RES 2: 0.8646 High Jun 1
  • RES 1: 0.8642 High Jul 19
  • PRICE: 0.8624 @ 05:57 BST Jul 20
  • SUP 1: 0.8561 Low Jul 19
  • SUP 2: 0.8504 Low Jul 14 and key short-term support
  • SUP 3: 0.8475/72 1% 10-dma envelope / Low Apr 5
  • SUP 4: 0.8430 Low Feb 27, 2020

EURGBP traded sharply higher Monday. The move has resulted in a break of resistance at 0.8618, the Jul 8 high. This highlights a stronger reversal of the recent downleg and suggests scope for short-term gains. An extension higher would open 0.8672 next, the May 25 high where a break, if seen, would expose 0.8721, the Apr 26 high. Key support has been defined at 0.8504, Jul 14 low. Initial support is at 0.8561, yesterday's low.

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