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Approaching Key Trendline.............>

EURO-STERLING
EURO-STERLING: 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: 0.8570 @ 09:55 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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