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Bear Flag *RES 4: 0.8869 High...>

EURO-STERLING TECHS
EURO-STERLING TECHS: Bear Flag
*RES 4: 0.8869 High Oct 11
*RES 3: 0.8787 Low Sep 20 and former breakout point
*RES 2: 0.8751 High Oct 15
*RES 1: 0.8717 High Oct 16 and key near-term resistance
*PRICE: 0.8663 @ 09:25 GMT Oct 25
*SUP 1: 0.8576 Low Oct 17 and bear trigger
*SUP 2: 0.8558 Low May 8
*SUP 3: 0.8491 Low May 6 and major support
*SUP 4: 0.8482 1.000 projection of Aug 12 - Sep 20 decline from Oct 10 high
EURGBP is marginally firmer this morning although the cross continues to
consolidate. This consolidation appears to be a bear flag, a continuation
pattern that reinforces the likelihood the trend will extend lower near-term.
Note, we are still monitoring the candle patterns on Oct 16/17. On both these
days, long-legged doji formations unfolded. This is an early sign the cross may
be basing however, a breach of 0.8717 resistance is required to reinforce this.

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