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Holding Above Former Trendline

EURGBP TECHS
  • RES 4: 0.9095 3.0% Upper Bollinger Band
  • RES 3: 0.9127 61.8% retracement of the Sep 9 - Nov 11 downtrend
  • RES 2: 0.9107 High Oct 23
  • RES 1: 0.9084 High Dec 2
  • PRICE: 0.9052 @ 10:49 GMT Dec 4
  • SUP 1: 0.8974 Former trendline resistance drawn off the Sep 11 high
  • SUP 2: 0.8929 Low Dec 1
  • SUP 3: 0.8861 Low Nov 11 and the bear trigger
  • SUP 4: 0.8830 Low May 15

EURGBP maintains a bullish focus. The cross has this week cleared key trendline resistance drawn off the Sep 11 high. An ability to remain above the line and Wednesday's breach of the 0.9000 handle reinforces short-term bullish developments that signal a reversal. Scope is seen for a climb towards 0.9127, a retracement and the 0.9135 vol band resistance. On the downside, initial firm support is seen at 0.8974, the former trendline resistance.

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