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Continuation Bearish Pattern....>

EURO-STERLING TECHS
EURO-STERLING TECHS: Continuation Bearish Pattern
*RES 4: 0.8869 High Oct 11
*RES 3: 0.8787 Low Sep 20 and former breakout point
*RES 2: 0.8751 High Oct 15
*RES 1: 0.8717 High Oct 16 and key near-term resistance
*PRICE: 0.8631 @ 05:20 GMT Oct 29
*SUP 1: 0.8576 Low Oct 17 and bear trigger
*SUP 2: 0.8558 Low May 8
*SUP 3: 0.8491 Low May 6 and major support
*SUP 4: 0.8482 1.000 projection of Aug 12 - Sep 20 decline from Oct 10 high
EURGBP remains broadly flat for now. The recent consolidation appears to be a
bear flag / pennant formation, a continuation pattern that if correct,
highlights the likelihood the trend will extend lower near-term. Note, we
continue to monitor the candle patterns on Oct 16/17. On both these days,
long-legged doji formations unfolded. They are potentially an early sign the
cross is basing however, a breach of 0.8717 is required to reinforce this.

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