EURGBP TECHS: Pullback Appears To Be A Correction

• RES 4: 105.975 High Jun 14 and the bull trigger
• RES 3: 105.837 61.8% retracement of the Jun 14 - Jul 5 bear leg
• RES 2: 105.805 High Jun 26
• RES 1: 105.752 61.8% retracement of the Jun 14 - Jul 5 bear leg
• PRICE: 105.715 @ 06:02 BST Jul 16
• SUP 1: 105.495/390 Low Jul 11 / 5
• SUP 2: 105.314 76.4% retracement of the May 24 Jun 14 bull cycle
• SUP 3: 105.175 Low Jun 7
• SUP 4: 105.110 Low May 24 and the bear trigger

Schatz futures traded higher last week, signalling scope for an extension towards 105.752 and 105.837, Fibonacci retracement points. A break of 105.837 would strengthen a bullish theme and expose 105.975, the Jun 14 high and a key resistance. On the downside, a reversal would refocus attention on key short-term support at 105.390, the Jul 5 low. Clearance of this level would reinstate a bearish theme.