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EURO-STERLING TECHS: Needle Pointing South
*RES 4: 0.8751 High Oct 15
*RES 3: 0.8717 High Oct 16 and key near-term resistance
*RES 2: 0.8676 High Oct 24
*RES 1: 0.8630 High Nov 8
*PRICE: 0.8564 @ 16:46 GMT Nov 20
*SUP 1: 0.8522 Low Nov 18
*SUP 2: 0.8491 Low May 6 and major support
*SUP 3: 0.8482 1.000 projection of Aug 12 - Sep 20 decline from Oct 10 high
*SUP 4: 0.8473 - Low Mar 13 primary support
Despite recovering off recent lows, EURGBP maintains a bearish outlook. Last
week saw prices trade below 0.8576, Oct 17 low to confirm a range breakout and a
resumption of the downtrend. Attention remains on the next key support at
0.8491, May 6 low. A break would open 0.8473, Mar 13 low and note, a print of
0.8473 would represent a 100% retracement of the entire rally between Mar 13 -
Aug 12. First resistance is 0.8630, Nov 8 high. Still heavy for now!