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EURO-STERLING TECHS: Bearish Conditions Hold
*RES 4: 0.8751 High Oct 15
*RES 3: 0.8717 High Oct 16 and key near-term resistance
*RES 2: 0.8676 High Oct 24
*RES 1: 0.8630 High Nov 8
*PRICE: 0.8559 @ 05:46 GMT Nov 18
*SUP 1: 0.8545/38 Low Nov 14 / Low May 7
*SUP 2: 0.8491 Low May 6 and major support
*SUP 3: 0.8482 1.000 projection of Aug 12 - Sep 20 decline from Oct 10 high
*SUP 4: 0.8473 - Low Mar 13 primary support
EURGBP maintains a bearish outlook. Last week saw prices trade below 0.8576, Oct
17 low to confirm a range breakout and a resumption of the downtrend. With the
downtrend intact, attention is on the next key support at 0.8491, May 6 low. A
break of this hurdle would open 0.8473, Mar 13 low. Note, a print of 0.8473
would represent a 100% retracement of the entire rally between Mar 13 - Aug 12.
First resistance is 0.8630, Nov 8 high. Still heavy!