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Bear flag confirmed: *RES 4:....>

EURO-STERLING TECHS
EURO-STERLING TECHS: Bear flag confirmed:
*RES 4: 0.9155 1.0% 10-dma envelope
*RES 3: 0.9149 Sep 3 High
*RES 2: 0.9099 Former trendline support-now-resistance drawn off the May 6 low
*RES 1: 0.9086 High Sep 4
*PRICE: 0.8993 @ 08:30 GMT Sep 5
*SUP 1: 0.8977 Low Jul 29
*SUP 2: 0.8946 Low Jul 26
*SUP 3: 0.8908/8892 50% retrace of May 6 - Aug 12 rally / Low Jul 25
*SUP 4: 0.8873 Low Jun 20
EURGBP selling pressure yesterday resulted in a break of support at 0.9016, the
low of Aug 27. This confirms a clear break of trendline support drawn off the
May 6 low as well as confirming a bear flag formation that marked the recent
consolidative phase. The cross now has the legs for an extension lower with
scope for a move towards 0.8908/8892. On the upside, initial resistance is at
0.9086 while the key resistance comes in at 0.9149, the Sep 3 high.

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