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Trend Set-Up Remains Bearish

EURGBP TECHS
  • RES 4: 0.8541 High May 31
  • RES 3: 0.8529 1.0% 10-dma envelope
  • RES 2: 0.8510 50-day EMA
  • RES 1: 0.8474/78 20-day EMA / High Jun 24
  • PRICE: 0.8460 @ 06:13 BST Jun 25
  • SUP 1: 0.8397 Low Jun 14
  • SUP 2: 0.8388 Low Aug 17 2022
  • SUP 3: 0.8366 2.236 proj of the Apr 23 - 30 - May 9 price swing
  • SUP 4: 0.8340 Low Aug 2 2022

Short-term gains in EURGBP appear to be a correction and a bearish theme remains intact. The latest move down, reinforces the bear cycle and maintains the price sequence of lower lows and lower highs. Note too that moving average studies are in a bear mode position, highlighting a clear downtrend. Sights are on 0.8366 next, a Fibonacci projection. Resistance is at 0.8474, the 20-day EMA.

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