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Likely To Pressure Support Again

EURO-STERLING TECHS
  • RES 4: 0.9087 High Jul 29
  • RES 3: 0.9070 High Aug 17
  • RES 2: 0.9044 High Aug 24 and key near-term resistance
  • RES 1: 0.9008/13 50- and 20-day EMA
  • PRICE: 0.8922 @ 17:36 BST Aug 28
  • SUP 1: 0.8912 Low Jun 16 / Aug 28
  • SUP 2: 0.8905 1.0% Lower 10-dma envelope
  • SUP 3: 0.8864 Low Jun 9 and 61.8% of the Apr 30 - Jun 29 rally
  • SUP 4: 0.88330 Low Jun 15

EURGBP maintains a bearish outlook. This strengthened Friday as the cross hit new multi-month lows. The print below former support at 0.8938, Jul 10 low sets the scene for a deeper pullback following the recent failure to build on gains in early August. A continued break lower would open 0.8912 next, Jun 16 low and 0.8864, the Jun 9 low and a Fibonacci retracement. Clearance of 0.9044 is required to suggest a change in direction.

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

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