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Trading Closer To Its Recent Lows

EURGBP TECHS
  • RES 4: 0.8875 High Apr 25 and key short-term resistance
  • RES 3: 0.8835 High May 3
  • RES 2: 0.8781 50-day EMA
  • RES 1: 0.8735/51 High May 11 / 20-day EMA
  • PRICE: 0.8683 @ 15:47 BST May 17
  • SUP 1: 0.8661 Low May 11
  • SUP 2: 0.8649 76.4% retracement of the Dec 1 - Feb 3 bull run
  • SUP 3: 0.8593 Low Dec 15 2022
  • SUP 4: 0.8562 Low Dec 13 2022

EURGBP trend conditions remain bearish and the cross continues to trade closer to its recent lows. The break of 0.8719, the Mar 15 low, confirmed a resumption of the bear cycle that began Feb 3 and the focus is on 0.8649, a Fibonacci retracement. On the upside, a key resistance is seen at 0.8835, the May 3 high. A break would ease a bearish threat. Initial firm resistance is at 0.8751, the 20-day EMA.

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