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EURO-STERLING TECHS: Key Trendline Resistance Intact
*RES 4: 0.8676 High Oct 24
*RES 3: 0.8658 High Nov 7
*RES 2: 0.8605 High Nov 22
*RES 1: 0.8566/92 T-line resistance drawn off the Aug 12 high / High Dec 23
*PRICE: 0.8483 @ 17:05 GMT Jan 8
*SUP 1: 0.8452 Low Dec 31
*SUP 2: 0.8356 Low Dec 17
*SUP 3: 0.8277 Low Dec 13 and key support
*SUP 4: 0.8213 1.500 projection of Aug 12 - Sep 20 sell-off from Oct 10 high
EURGBP remains bullish although for now it is consolidating. The near-term
outlook is unchanged and the cross remains bullish following the bounce off the
Dec 13 low. Price has recently traded close to a key resistance, currently at
0.8566. This is the trendline drawn off the August high. A break would represent
a key bullish technical development and also signal a trend reversal opening
0.8676 initially, the Oct 24 high. Initial support is at 0.8452.