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Support Remains Exposed

EURGBP TECHS
  • RES 4: 0.8731 High Feb 26
  • RES 3: 0.8701/21 High May 7 / High Apr 26 and the bull trigger
  • RES 2: 0.8646/72 High Jun 1 / High May 25
  • RES 1: 0.8616/29 High Jul 1 and key resistance / High Jun 15
  • PRICE: 0.8558 @ 16:59 BST Jul 7
  • SUP 1: 0.8530/31 Low June 23 / 76.4% of the Apr 5 - 26 rally
  • SUP 2: 0.8494 1.0% 10-dma envelope
  • SUP 3: 0.8472 Low Apr 5 and the bear trigger
  • SUP 4: 0.8430 Low Feb 27, 2020

Despite the Tuesday recovery from the week's low, the EURGBP outlook remains bearish. Support at 0.8561, May 12 low was breached Jun 17. This continues to signal the end of the recent consolidation and still highlights a bearish theme. The focus is on 0.8531, 76.4% of the Apr 5 - 26 rally and just above the Jun 23 low. Clearance of this level would expose key support at 0.8472, Apr 5 low. Initial firm resistance is seen at 0.8616, Jul 1 high.

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