April 25, 2024 05:58 GMT
Support Remains Intact For Now
EURGBP TECHS
- RES 4: 0.8704 76.4% retracement of the Nov 20 - Feb 14 bear cycle
- RES 3: 0.8683 High Jan 2
- RES 2: 0.8665 61.8% retracement of the Nov 20 - Feb 14 bear cycle
- RES 1: 0.8645 High Apr 23
- PRICE: 0.8589 @ 06:57 BST Apr 25
- SUP 1: 0.8567 50-day EMA
- SUP 2: 0.8521/8504 Low Apr 17 / Low Mar 8
- SUP 3: 0.8498/93 Low Feb 14 / Low Aug 23 2023 and key support
- SUP 4: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase
The short-term trend condition in EURGBP remains bullish and the latest pullback appears to be a correction - for now. A strong rally on APr 19, resulted in a break of 0.8602, the Mar 22 high and a key resistance. This confirmed a range breakout and a resumption of the bull cycle that started Feb 14. Scope is seen for a climb towards 0.8665 next, a Fibonacci retracement. Initial key support to watch lies at 0.8567, the 50-day EMA.
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