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Trend Structure Remains Bearish

EURGBP TECHS
  • RES 4: 0.8586 76.4% retracement of the Apr 23 - Jun 14 bear leg
  • RES 3: 0.8568 High May 20
  • RES 2: 0.8489/99 50-day EMA / High Jul 1
  • RES 1: 0.8459 20-day EMA
  • PRICE: 0.8419 @ 06:43 BST Jul 12
  • SUP 1: 0.8413 Low Jul 11 and intraday low
  • SUP 2: 0.8397 Low Jun 14 and the bear trigger
  • SUP 3: 0.8388 Low Aug 17 2022
  • SUP 4: 0.8366 2.236 proj of the Apr 23 - 30 - May 9 price swing

EURGBP traded lower again Thursday extending the gap with the recent high on Jul 1. The outlook remains bearish and trend signals continue to point south. Support at 0.8431, the Jun 25 low, has been cleared and this paves the way for a move towards 0.8397, the Jun 14 low and the bear trigger. Clearance of this level resumes the downtrend. Key resistance at 0.8489 is intact, the 50-day EMA. A break of it would highlight a stronger reversal.

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