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EURO-STERLING TECHS: Focus Is On The Bear Flag
*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: 0.8625 @ 16:23 GMT Oct 28
*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
EURGBP is a touch lower after ending last week broadly flat. The recent
consolidation appears to be a bear flag, a continuation pattern that if correct,
reinforces the likelihood the trend will extend lower near-term. Note, we are
still monitoring the candle patterns on Oct 16/17. On both these days,
long-legged doji formations unfolded. This is an early sign the cross may be
basing however, a breach of 0.8717 resistance is required to reinforce this.
Bearish for now.