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Free AccessApproaching Key Trendline.......>
EURO-STERLING TECHS: Approaching Key Trendline Resistance
*RES 4: 0.8658 High Nov 7
*RES 3: 0.8627 Trendline resistance drawn off the Aug 12 high
*RES 2: 0.8605/11 High Nov 22 / 2.0% Upper Bollinger Band
*RES 1: 0.8592 High Dec 23
*PRICE: 0.8568 @ 05:54 GMT Dec 24
*SUP 1: 0.8477 Low Dec 19 and 20
*SUP 2: 0.8356 Low Dec 17
*SUP 3: 0.8277 Low Dec 13 and key support
*SUP 4: 0.8213 1.500 projection of Aug 12 - Sep 20 sell-off from Oct 10 high
EURGBP was firmer again Monday with the cross hitting a new post-election high
of 0.8592. The outlook is bullish following last week's gains. The break of
former resistance at 0.8509, Dec 12 high essentially confirmed a S/T base
clearing the way for further gains. Note the cross is also approaching a key
resistance at 0.8627. This is the trendline drawn off the August high. A break
would represent a key bullish technical development. Support is seen at 0.8477.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.