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Confirms A Fresh Trend Low Print

EURO-STERLING TECHS
  • RES 4: 0.9190 61.8% retracement of the Sep 11 - 28 sell-off
  • RES 3: 0.9162 High Oct 7 and the bull trigger
  • RES 2: 0.9132 High Oct 10
  • RES 1: 0.9122 Oct 14 high
  • PRICE: 0.9024 @ 18:21 BST Oct 14
  • SUP 1: 0.9007 Low Oct 14
  • SUP 2: 0.9000 Round number support
  • SUP 3: 0.8967 76.4% retracement of the Sep 3 - 11 rally
  • SUP 4: 0.8808 Low May 13

EURGBP traded sharply lower Wednesday and breached Tuesday's low. The break lower followed another failed attempt to convincingly clear trendline resistance drawn off the Sep high and this weighs on the cross. The move lower confirms a resumption of the downtrend that has been in place since Sep 11 and sets the scene for a move to 0.9000 and below towards 0.8967, a retracement level. Resistance is at 0.9122, the Oct 14 high.

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