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Trend Needle Points South

EURGBP TECHS
  • RES 4: 0.8627 High Jul 4
  • RES 3: 0.8585 High Jul 21 and a key resistance
  • RES 2: 0.8501 50-day EMA
  • RES 1: 0.8426 High Jul 27
  • PRICE: 0.8380 @ 16:32 BST Jul 28
  • SUP 1: 0.8346 Low Jul 28
  • SUP 2: 0.8313 Low Apr 22
  • SUP 3: 0.8302 2.0% 10-dma envelope
  • SUP 4: 0.8250 Low Apr 14 and a key support

The sharp drop in EURGBP continued Thursday, reinforcing bearish conditions and putting the cross at new multi-month lows. The latest spell of weakness puts prices through 0.8367, the May 2 low. This strengthens the bearish threat and initially opens 0.8313, Apr 22 low. The Jul 21 high of 0.8585 has been defined as a key S/T resistance where a break is required to reinstate a bullish theme. Initial firm resistance is at 0.8501, the 20-day EMA.

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