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Downside Extension *RES 4:......>
EURO-STERLING TECHS: Downside Extension
*RES 4: 0.8751 High Oct 15
*RES 3: 0.8717 High Oct 16 and key near-term resistance
*RES 2: 0.8676 High Oct 24
*RES 1: 0.8630 High Nov 8
*PRICE: 0.8555 @ 10:32 GMT Nov 14
*SUP 1: 0.8538 Low May 7
*SUP 2: 0.8491 Low May 6 and major support
*SUP 3: 0.8482 1.000 projection of Aug 12 - Sep 20 decline from Oct 10 high
*SUP 4: 0.8473 - Low Mar 13 primary support
EURGBP has edged lower this morning breaking initial support at 0.8558. This
reinforces the underlying bearish outlook and confirms a resumption of Monday's
range breakout and a resumption of the downtrend. Attention shifts to the next
key support at 0.8491, May 6 low. A break of this support would open 0.8473, Mar
13 low. Note, a print of 0.8473 would represent a 100% retracement of the rally
between Mar 13 - Aug 12. First resistance is 0.8630, Nov 8 high.
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