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EURO-STERLING TECHS: Back on the Front Foot
*RES 4: 0.9187 61.8% Fibonacci retracement of the Mar - Apr decline
*RES 3: 0.9086 50.0% Fibonacci retracement of the Mar - Apr decline
*RES 2: 0.9057 Double bottom projection
*RES 1: 0.8988/9000 38.2% of the Mar - Apr decline / High May 21
*PRICE: 0.8986 @ 06:04 BST May 28
*SUP 1: 0.8881 Low May 26
*SUP 2: 0.8826 Low May 14 and key near-term support
*SUP 3: 0.8820 50-day EMA
*SUP 4: 0.8759 Low May 12
EURGBP bounced Wednesday and remains bullish. A positive outlook follows the May
15 break of 0.8865, Apr 7 high. This confirmed a range breakout. Furthermore,
the move through 0.8864, Apr 21 high confirmed a double bottom formation and a
reversal of the decline since Mar 19. 0.8988, 38.2% of the March-April decline
was probed last week and again Wednesday, a clear break would open 0.9086, the
50.0% level. Firm support is 0.8881, May 26 low.