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Corrective bounce fades: *RES...>

EURO-STERLING TECHS
EURO-STERLING TECHS: Corrective bounce fades:
*RES 3: 0.9061/84 Trendline resistance drawn off Aug 12 high/1.0% 10-dma
envelope
*RES 2: 0.9031 High Sep 5
*RES 1: 0.9015 High Sep 9
*PRICE: 0.8925 @ 08:46 GMT Sep 13
*SUP 1: 0.8886 Low Sep 12
*SUP 2: 0.8873 Low Jun 20
*SUP 3: 0.8853 Bear channel base drawn off the Aug 12 high
The ECB decision delivered volatility in spades, sending EURGBP to print a new
trend low at 0.8886. The cross bounced well from there, however, prompting bulls
to re-target the 0.90 level and the week's highs at 0.9015. Despite yesterday's
moves, momentum and moving average studies continue to point south maintaining
the bearish theme. A move through 0.8886 would open the 0.8853 bear channel base
drawn off the Aug 12 high, and early June lows at 0.8830.

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