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Trading Closer To Its Recent Lows

EURGBP TECHS
  • RES 4: 0.8749 50.0% retracement of the Feb 3 - Jun 19 downleg
  • RES 3: 0.8719 High May 23 and a congestion high
  • RES 2: 0.8685/8701 100-dma / High Jul 19
  • RES 1: 0.8637 High Jul 25
  • PRICE: 0.8601 @ 16:45 BST Aug 1
  • SUP 1: 0.8544 Low Jul 27
  • SUP 2: 0.8520 1.0% 10-dma envelope
  • SUP 3: 0.8504 Low Jul 11 and key support
  • SUP 4: 0.8471 Low Aug 29 2022

EURGBP traded higher into the Tuesday close, but the consolidation phase has yet to conclude. Recent bearish price action threatens the bull theme - the latest move lower resulted in a break of both the 20-day and 50-day EMAs. This has exposed 0.8504, the Jul 11 low and a key support. Initial firm resistance is at 0.8637, the Jul 25 high. For bulls, clearance of the 100-dma of 0.8685 and congestion resistance at 0.8719, the May 23 high, would reinstate an uptrend.

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