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Trend Needle Points South

EURGBP TECHS
  • RES 4: 0.8768 High May 5
  • RES 3: 0.8719 High May 23
  • RES 2: 0.8656 50-day EMA
  • RES 1: 0.8636 High Jun 5
  • PRICE: 0.8595 @ 16:17 BST Jun 27
  • SUP 1: 0.8518 Low Jun 19 and the bear trigger
  • SUP 2: 0.8479 1.0% 10-dma envelope
  • SUP 3: 0.8454 76.4% retracement of the Mar - Sep 2022 bull cycle
  • SUP 4: 0.8408 Low Aug 24 2023

The primary trend direction in EURGBP is unchanged and remains down. The pullback from Friday’s high confirms recent gains as corrective. Resistance at the 20-day EMA has been breached, however, price has remained below resistance at 0.8656, the 50-day EMA. A clear break of this average would highlight a stronger reversal. For bears, clearance of 0.8518, the Jun 19 low, would confirm a resumption of the trend.

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