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Trend Outlook Is Bearish

EURGBP TECHS
  • RES 4: 0.8627 High Jul 4
  • RES 3: 0.8585 High Jul 21 and a key resistance
  • RES 2: 0.8525 High Jul 25
  • RES 1: 0.8471/74 High Aug 10 / 0-day EMA
  • PRICE: 0.8460 @ 16:24 BST Aug 11
  • SUP 1: 0.8340 Low Aug 2 and the bear trigger
  • SUP 2: 0.8313 Low Apr 22
  • SUP 3: 0.8233 2.0% 10-dma envelope and low Apr 14
  • SUP 4: 0.8203 Low Mar 7 and a key support

EURGBP is holding on to the bulk of its latest gains since bouncing off 0.8340, the Aug 2 low. The broader outlook remains bearish though and gains are considered corrective. Price action since mid-June has established a sequence of lower lows and lower highs. Moving average studies are in bear mode too. A resumption of weakness would open 0.8313, Apr 22 low. Initial firm resistance is 0.8474, the 50-day EMA.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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