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Eyeing Key Support

EURO-STERLING TECHS
  • RES 4: 0.9220 High Sep 22
  • RES 3: 0.9154/62 1.0% 10-dma envelope / High Oct 7
  • RES 2: 0.9149 Oct 20 high
  • RES 1: 0.9107 High Oct 23
  • PRICE: 0.8994 @ 17:21 GMT Oct 30
  • SUP 1: 0.8986 Low Oct 14 / 29 and bear trigger
  • SUP 2: 0.8967 76.4% retracement of the Sep 3 - 11 rally
  • SUP 3: 0.8925 Low Sep 7
  • SUP 4: 0.8900 Low Sep 4

EURGBP is trading closer to recent lows and remains largely unchanged. The outlook is bearish following the sharp sell-off on Oct 21. Attention is on 0.9007, Oct 14 and 29 low, the near-term bear trigger. A break of 0.9007 would confirm a resumption of the downtrend that started Sep 11 and expose 0.8967, a retracement. Key S/T resistance has been defined at 0.9149, Oct 20 high. Clearance of this level would undermine bearish conditions.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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