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Clears Key Trendline Resistance

EURGBP TECHS
  • RES 4: 0.9107 High Oct 23
  • RES 3: 0.9076 50.0% retracement of the Sep 11 - Nov 11 downleg
  • RES 2: 0.9069 High Nov 5
  • RES 1: 0.9048 High Nov 11
  • PRICE: 0.9026 @ 10:57 GMT Dec 2
  • SUP 1: 0.8984 Former trendline resistance drawn off the Sep 11 high
  • SUP 2: 0.8929 Low Dec 1
  • SUP 3: 0.8861 Low Nov 11 and the bear trigger
  • SUP 4: 0.8830 Low May 15

EURGBP traded higher yesterday and again today. The cross finds itself above key trendline resistance drawn off the Sep 11 high. The trendline intersected at 0.8990 yesterday. An ability to hold above the line and today's clear breach of the 0.9000 handle marks a bullish development and signals a reversal. The focus is on 0.9069, Nov 5 high. On the downside, initial support is at yesterday's 0.8929 low with key support at 0.8861, Nov 11 low.

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