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EURO-STERLING TECHS: ###POV LT Bears Focused On Gbp0.8108-8313
- Bulls dominated from Nov 2016 to Oct 2017 resulting in 7yr highs (Gbp0.9365).
The rejection ahead of Gbp0.9365 in Aug 2017 (Gbp0.9306) saw a break of the bull
channel base off Nov 2016 lows with the pair having traded sideways since,
increasing the likelihood of a correction lower.
- The close below the 100-WMA adds weight to the bearish case with bears looking
for a close below Gbp0.8494 (Weekly high May 8 2017) to confirm immediate focus
on Gbp0.8313 2017 lows and overall focus on Gbp0.8108-17 (200-WMA Gbp0.8108).
Weekly studies are well positioned for a leg lower with room to move before O/S
is an issue. Below the 200-WMA would initially target Gbp0.7522 alternating
- The 55-WMA is noted at Gbp0.8814 with LT bulls needing a close above to gain
breathing room and hint at a correction back to Gbp0.8967-0.9107. Overall LT
bulls need a close above Gbp0.9107 to end bearish hopes and see LT bulls
initially targeting Gbp0.9306-65 with overall focus on Gbp0.9801 lifetime highs
(Dec 2008). Click for chart https://tinyurl.com/y9awzvla