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Choppy but consolidating:.......>

EURO-STERLING TECHS
EURO-STERLING TECHS: Choppy but consolidating:
*RES 3: 0.9184/9207 High Aug 22 / Low Aug 8
*RES 2: 0.91695 1.0% 10-dma envelope
*RES 1: 0.9149 Sep 3
*PRICE: 0.9056 @ 09:13 GMT Sep 4
*SUP 1: 0.9016 Low Aug 27
*SUP 2: 0.9006/00 38.2% retrace of May 6 - Aug 12 rally / Round number support
*SUP 3: 0.8946 Low Jul 26
EURGBP is still trading in the area marked by key trendline support drawn off
the May 6 low and the 50-dma. Despite yesterday's spike, current consolidation
is either, a bear flag or a basing pattern. A flag, suggests prices will move
below 0.9016 to confirm a resumption of the bear trend. This would open 0.9000
and the late July lows of 0.8946 / 0.8892. Alternatively, if the consolidation
is base building, a break of 0.9147 would be a step in the right direction for
bulls.

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