EURGBP TECHS: Returns Lower, But Support Out of Reach

• RES 4: 0.8781 2.236 pro of the Mar 3 - 11 - 28 price swing 
• RES 3: 0.8738 High Apr 11 high and a key resistance
• RES 2: 0.8694 High Apr 14 
• RES 1: 0.8670 High Jul 02
• PRICE: 0.8618 @ 16:24 BST Jul 9
• SUP 1: 0.8597 Low Jul 7 
• SUP 2: 0.8562/8511 20- and 50-day EMA values 
• SUP 3: 0.8459 Low Jun 11
• SUP 4: 0.8407 Low Jun 4

The trend condition in EURGBP remains bullish and the cross is holding on to the bulk of its recent gains. Recent activity appears to be a bull flag formation - a bullish continuation pattern. 0.8648, 76.4% of the Apr 11 - May 29 downleg, has been pierced. A continuation higher and a confirmation of the flag would strengthen bullish conditions and open 0.8738, the Apr 11 high and a key resistance. Support to watch lies at 0.8562, the 20-day EMA.

RRP usage climbs to $227.273B this afternoon from $219.415B yesterday, total number of counterparties at 37. Usage had fallen to $54.772B on Wednesday, April 16 -- lowest level since April 2021 - compares to yesterday's (July 1) $460.731B highest usage since December 31.

More Trump headlines from Bloomberg - not particularly market moving, Treasury futures already extending highs in the lead up to the June FOMC minutes releaser at 1400ET:

• "MORE TARIFF LETTERS COMING TODAY .. TARIFF FORUMULA BASED ON 'COMMON SENSE'
• ON TARIFF LEVELS: HAVEN'T HAD TOO MANY COMPLAINTS"
• "RELEASING BRAZIL TARIFF NUMBER TODAY OR TOMORROW MORNING .. BRAZIL HAS NOT BEEN GOOD TO US"
• "WILL LOOK AT UKRAINE REQUEST FOR PATRIOTS"
• "CHINA PAYING A LOT OF TARIFFS TO THE US ..  I HAVE A GOOD RELATIONSHIP WITH XI"