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Bearish Conditions Dominate

EURO-STERLING TECHS
  • RES 4: 0.9190 61.8% retracement of the Sep 11 - 28 sell-off
  • RES 3: 0.9162 High Oct 7 and the bull trigger
  • RES 2: 0.9132 High Oct 10
  • RES 1: 0.9122 Oct 14 high
  • PRICE: 0.9026 @ 05:56 BST Oct 15
  • SUP 1: 0.9007 Low Oct 14
  • SUP 2: 0.9000 Round number support
  • SUP 3: 0.8967 76.4% retracement of the Sep 3 - 11 rally
  • SUP 4: 0.8808 Low May 13

EURGBP remains soft. The cross traded sharply lower Wednesday and breached Tuesday's low. The break lower follows another failed attempt to convincingly clear trendline resistance drawn off the Sep high. The move lower also confirms a resumption of the downtrend that has been in place since Sep 11 and sets the scene for a move to 0.9000 and below towards 0.8967, a retracement level. Resistance is at 0.9122, the Oct 14 high.

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