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Unwinding An Oversold Trend Condition

EURGBP TECHS
  • RES 4: 0.8768 High May 5
  • RES 3: 0.8719 High May 23
  • RES 2: 0.8663 50-day EMA
  • RES 1: 0.8636 High Jun 5
  • PRICE: 0.8563 @ 16:22 BST Jun 23
  • SUP 1: 0.8518 Low Jun 19 and the bear trigger
  • SUP 2: 0.8478 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 remains down and the pullback Friday confirms recent gains as corrective. Resistance at the 20-day EMA has been breached. A continuation higher would expose the 50-day EMA at 0.8663. The medium-term trend outlook remains bearish and a break of 0.8518, the Jun 19 low, would confirm a resumption of the trend.

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