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EURO-STERLING TECHS: Bounce Taking Shape?
*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: 0.8650 @ 16:07 GMT Oct 24
*SUP 1: 0.8576 Low Oct 17
*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 remains bearish although the cross is consolidating for now. This
consolidation appears to be a bear flag, a continuation pattern that reinforces
the likelihood the cross will weaken further 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 convincing breach of 0.8717 resistance is required to reinforce this.