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EUR/GBP Puts in a Mini Price Bottom

EUR/GBP broke its consolidation pattern during the 5/28 session, and is now putting the focus on the 0.8144 resistance pivot.


(eurgbp 5/28, 4h chart)

If price pulls back, look for the broken 0.8110 down to 0.81 area as support. This scenario reflects respect for the price bottom, and would give traders confidence for a stronger bullish correction outlook.

If price then breaks 0.8144, the next key resistance is at 0.8183, which is reinforced by a falling trendline. 

The bullish outlook should be limited to this 0.8180 area because the prevailing trend is still bearish. A break above 0.82 might introduce a bullish outlook, but we need another failed bearish attempt to develop this idea.