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Pennant formation: *RES 4:......>

EURO-STERLING TECHS
EURO-STERLING TECHS: Pennant formation:
*RES 4: 0.9400 Psychological level
*RES 3: 0.9276 High Aug 14
*RES 2: 0.9325 High Aug 12 and bull trigger
*RES 1: 0.9207 Low Aug 8
*PRICE: 0.9141 @ 03:51 GMT Aug 22
*SUP 1: 0.9090/89 Low Aug16 / Low Jul 31
*SUP 2: 0.9051 High Jul 17 and former bull trigger
*SUP 3: 0.9030 Trendline support drawn off the May 6 low
*SUP 4: 0.9000 Round number support
EURGBP remains in a corrective mode following last weeks sell-off. Recent
consolidation appears to be a pennant which by definition is a continuation
pattern, signalling scope for a move lower. With the risk for a deeper pullback
still in place, focus is on the July 17 high and former bull trigger at 0.9051.
Note, trendline support drawn off the May 6 low intersects at 0.9030. Initial
resistance is 0.9207. The trigger for a resumption of the bull trend is 0.9325.

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