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Probes Key Support

EURGBP TECHS
  • RES 4: 0.9107 High Oct 23
  • RES 3: 0.9059/69 Trendline drawn off the Sep 11 high / High Nov 5
  • RES 2: 0.8982 High Nov 10
  • RES 1: 0.8946 Low Nov 4
  • PRICE: 0.8916 @ 07:17 GMT Nov 12
  • SUP 1: 0.8861 Low Nov 11
  • SUP 2: 0.8830 Low May 15
  • SUP 3: 0.8803 Low May 13
  • SUP 4: 0.8748 61.8% retracement of the Feb - March Rally

EURGBP maintains a bearish focus although some support surfaced yesterday. Gains are likely a correction. The cross traded sharply lower Tuesday clearing 0.8946, Nov 4 low, a bear trigger, as well as the 200-dma. The break lower confirms a resumption of the underlying downtrend that has been in place since Sep 11. 0.8866, Sep 3 low and a key support has been probed, a clear break opens 0.8830. Initial resistance is at 0.8946.

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