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Consolidation Phase EURGBP......>

EURO-STERLING TECHS: Consolidation Phase
EURGBP briefly dipped under the 0.8800 level yesterday, before squeezing to
0.8810/15 at the close. Consolidation has largely remained the theme with bulls
topside focus on the May 28-24 highs at 0.8841/50. Further resistance is located
at 0.8860 from the 50% retracement of 0.9415-0.8305, with a break here needed to
extend the uptrend towards the Jan 16 high. Bears need a close back under the
200-dma at 0.8788 to stabilise the outlook, before focusing on a return to
0.8700 & the 100-dma which crosses at 0.8674.

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