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Bearish Threat

EURO-STERLING TECHS
  • RES 4: 0.9176 High Jun 29 and the key bull trigger
  • RES 3: 0.9148 High Jul 27
  • RES 2: 0.9087 High Jul 29
  • RES 1: 0.9070 High Aug 17 and key near-term resistance
  • PRICE: 0.8981 @ 10:29 BST Aug 26
  • SUP 1: 0.8944 Low Aug 21
  • SUP 2: 0.8939/38 100-dma / Low Jul 10 and a key support
  • SUP 3: 0.8912 Low Jun 16
  • SUP 4: 0.8864 Low Jun 9

A near-term EURGBP bearish risk remains in place. The cross is trading below initial key resistance at 0.9070, Aug 17 high with attention on support at 0.8944, Aug 21 low. A breach of the support would set the scene for a deeper pullback following the recent failure to build on gains in early August. A break lower would open 0.8938, Jul 10 low and 0.8912, Jun 16 low. On the upside, clearance of 0.9070 is required to suggest a change in direction.

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