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EURO-STERLING TECHS: Consolidating Ahead Of Key Trendline Resistance
*RES 4: 0.8676 High Oct 24
*RES 3: 0.8658 High Nov 7
*RES 2: 0.8605 High Nov 22
*RES 1: 0.8573/92 T-line resistance drawn off the Aug 12 high / High Dec 23
*PRICE: 0.8486 @ 17:24 GMT Jan 7
*SUP 1: 0.8452 Low Dec 31
*SUP 2: 0.8356 Low Dec 17
*SUP 3: 0.8277 Low Dec 13 and key support
*SUP 4: 0.8213 1.500 projection of Aug 12 - Sep 20 sell-off from Oct 10 high
EURGBP remains bullish although for now appears to be consolidating. A bullish
theme follows the strong bounce off the Dec 13 low. The cross has recently
traded close to a key resistance, currently at 0.8573. This marks the trendline
drawn off the August high. A break would represent a key bullish technical
development and also signal a more significant trend reversal opening 0.8676
initially, the Oct 24 high. Initial support is at 0.8452.