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Needle Still Points North

  • RES 4: 0.9220 High Sep 22
  • RES 3: 0.919076.4% retracement of the Sep 11 - Nov 11 downleg
  • RES 2: 0.9162 High Oct 7
  • RES 1: 0.9142 High Dec 7
  • PRICE: 0.9067 @ 06:04 GMT Dec 9
  • SUP 1: 0.9029 Low Dec 7
  • SUP 2: 0.8983 Low Dec 4
  • SUP 3: 0.8958 Former trendline resistance drawn off the Sep 11 high
  • SUP 4: 0.8929 Low Dec 1

EURGBP is unchanged and a bullish theme remains intact. The cross Monday probed 61.8% of the Sep 11 - Nov 11 sell-off, at 0.9127. Stronger gains would open 0.9162, Oct 7 high. Last week's trendline resistance break, drawn off the Sep 11 high continues to highlight a bullish technical theme. On the downside, initial support lies at 0.9029, Dec 7 low. A break would neutralise Monday's bullish signal however note, key support is at 0.8958.

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