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Bearish Threat Still Present

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: 0.9005 @ 16:33 BST Aug 25
  • SUP 1: 0.8944 Low Aug 21
  • SUP 2: 0.8938 Low Jul 10 / 100-dma 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 present. Early last week, the cross probed 0.9059, Aug 5 high. A clear break however failed to materialise. This would have opened 0.9148, Jul 27 high initially and 0.9176, Jun 29 high. Instead, 0.8970, Aug 11 low was breached Friday exposing 0.8938, Jul 10 low. A break here would expose a deeper sell-off towards 0.8912, Jun 16 low. 0.9070 is a firm near-term resistance, the Aug 17 high.

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