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Golden cross imminent: *RES.....>

EURO-STERLING TECHS
EURO-STERLING TECHS: Golden cross imminent:
*RES 3: 0.9062 High Jan 11
*RES 2: 0.9000 Psychological round number
*RES 1: 0.8976 Intraday high
*PRICE: 0.8970 @ 15:48 GMT June 26
*SUP 1: 0.8923/16 200-hma/Low Jun 25
*SUP 2: 0.8873 Low Jun 20
*SUP 3: 0.8851 Low Jun 7
Having comfortably held above the 20-day EMA, EURGBP squeezed to 0.8976
Wednesday, stalling slightly alongside the Jun 18 high. Signs of bullish
exhaustion are starting to emerge which could bring the 200-hma & Jun 25 low
back into view at 0.8920/16, but bulls may take confidence from the imminent
formation of a golden cross (50-DMA > 200-DMA). Bulls need a close above 0.8975
to resume the uptrend and target the key psychological 0.90 level. Key support
has been defined at 0.8874, a break of this level is required to suggest a
bearish reversal and thus represents a key risk parameter for bulls.

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