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Trend Outlook Remains Bearish

  • RES 4: 0.8835 High May 3
  • RES 3: 0.8814 High May 4
  • RES 2: 0.8731 50-day EMA
  • RES 1: 0.8651/8677 High May 31 / 20-day EMA
  • PRICE: 0.8606 @ 06:28 BST Jun 5
  • SUP 1: 0.8567 Low Jun 1
  • SUP 2: 0.8562 Low Dec 13 2022
  • SUP 3: 0.8547 Low Dec 1 2022 and key support
  • SUP 4: 0.8522 Low Aug 30 2022

The EURGBP trend condition remains bearish. Last week, the cross printed a fresh 2023 low, at 0.8567 on Jun 1. Note too that the DMA space also signals downside momentum and a potential death cross (50-dma < 200-dma). The focus is on 0.8562 next, the Dec 13 low. The 14d RSI is technically oversold for the first time since March 2021 - a price reversal would signal scope for a correction. Initial firm resistance is at 0.8677 the 20-day EMA.

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