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Arrives at trendline support:...>

EURO-STERLING TECHS
MNI (London)
EURO-STERLING TECHS: Arrives at trendline support:
*RES 4: 0.9325 High Aug 12 and bull trigger
*RES 3: 0.9276 High Aug 14
*RES 2: 0.9184/9207 High Aug 22 / Low Aug 8
*RES 1: 0.9089/90 Low Jul 31 / Low Jul 31
*PRICE: 0.9051 @ 04:31 GMT Aug 23
*SUP 1: 0.9029/37 Low Aug 22 / Trendline support drawn of the May 6 low
*SUP 2: 0.9000 Round number support/38.2% retracement of May 6 - Aug 12 rally
*SUP 3: 0.8946 Low Jul 26
*SUP 4: 0.8907/8892 50% of May 6 - Aug 12 rally / Low Jul 25
EURGBP maintains a bearish tone following yesterday's extension lower. The
recent consolidation had appeared to be a pennant which signalled scope for a
move lower. The cross has traded through former support at 0.9051 and tested
trendline support, currently at 0.9037. Clearance of yesterday's low of 0.9029
would confirm a break of the trendline and open 0.9000 next ahead of the 0.8900
level. Resistance is at 0.9090 and 0.9184.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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