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Back Below Trendline Resistance

EURO-STERLING TECHS
  • RES 4: 0.9292 High Sep 11 and the bull trigger
  • RES 3: 0.9220 High Sep 22 and a key near-term resistance
  • RES 2: 0.9190 61.8% retracement of the Sep 11 - 28 sell-off
  • RES 1: 0.9162 High Oct 7 and the bull trigger
  • PRICE: 0.9100 @ 05:56 BST Oct 8
  • SUP 1: 0.9044 Low Sep 29 / Oct 2
  • SUP 2: 0.9025 Low Sep 28 and the bear trigger
  • SUP 3: 0.9000 Round number support
  • SUP 4: 0.8967 76.4% retracement of the Sep 3 - 11 rally

EURGBP traded higher yesterday and breached trendline resistance drawn off the Sep 11 high. The cross however failed to hold onto the days high and is trading below the trendline once again. Clearance of yesterday's high of 0.9162 is required to offset any bearish concerns. This would also confirm a clear break of the trendline. Key support lies at 0.9025, Sep 28 low. A deeper sell-off would expose this support and a break would be bearish.

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