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Support Appears Exposed

EURGBP TECHS
  • RES 4: 0.8624 High Oct 1 2021
  • RES 3: 0.8600 High Dec 8 2022
  • RES 2: 0.8512/55 High Mar 31 / 2.0% 10-dma envelope
  • RES 1: 0.8405/8435 High Apr 11 / High Apr 4
  • PRICE: 0.8323 @ 16:28 BST Apr 13
  • SUP 1: 0.8296 Low Mar 23 and a key support
  • SUP 2: 0.8276 76.4% retracement of the Mar 7 - 31 rally
  • SUP 3: 0.8203 Low Mar 7 and the bear trigger
  • SUP 4: 0.8117 High Apr 7 2016

A bearish threat in EURGBP remains present and Tuesday’s move lower reinforces this theme. The focus on 0.8296, the Mar 23 low. A break of this support would open 0.8276, the 76.4% retracement of the Mar 7 - 31 rally. On the upside, initial resistance is seen at 0.8405, Monday’s high ahead of 0.8435, the Apr 4 high. A break of Monday’s high would represent a short-term bullish development.

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