EURGBP TECHS: Trend Needle Points South
- RES 4: 0.8557 High Apr 28
- RES 3: 0.8541 High May 2
- RES 2: 0.8493 High May 9
- RES 1: 0.8443 50-day EMA and a key near-term resistance
- PRICE: 0.8413 @ 15:23 BST May 30
- SUP 1: 0.8356 Low May 29
- SUP 2: 0.8327 1.382 proj of the Apr 11 - 16 - 21 price swing
- SUP 3: 0.8316 Low Mar 28 and a key support
- SUP 4: 0.8277 1.618 proj of the Apr 11 - 16 - 21 price swing
EURGBP reversed higher Thursday, bouncing sharply off a fresh pullback low. Despite these gains, a downtrend remains intact. Key short-term resistance is at 0.8443, the 50-day EMA. Clearance here would highlight a stronger reversal and expose 0.8541. Support to watch lies at 0.8356, Thursday’s low. A break of this level would resume the downtrend. Scope is seen for an extension towards 0.8316, the Mar 28 low and a key support.
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