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100-dma Back Under Pressure.....>

EURO-STERLING TECHS
EURO-STERLING TECHS: 100-dma Back Under Pressure
After breaking above the 100-dma toward the end of last week, EURGBP has been
challenging a break back below throughout the London trading session. Bears need
to push back below down trendline resistance-turned-support and 100-dma at
0.8883 to challenge the 200-dma at 0.8835. Below here would return the focus to
the downside and target the 0.8700 level, before turning attention towards
multi-month lows of 0.8656. To the topside, EURGBP needs to break above the
38.2% retracement from 0.8621-0.9099 at 0.8916 and the October highs of 0.8940
for bears to retake control. A close above 0.8940 would move the outlook to
positively bullish and open up resistance initially around 0.8960 ahead of the
YTD highs at 0.9099.

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