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Pullbacks Considered Corrective

EURO-STERLING TECHS
  • RES 4: 0.9501 High Mar 19 and major resistance
  • RES 3: 0.9388 Mar 23 high
  • RES 2: 0.9305 76.4% retracement of the Mar - Apr sell-off
  • RES 1: 0.9292 High Sep 11 and the bull trigger
  • PRICE: 0.9194 @ 10:28 BST Sep 16
  • SUP 1: 0.9172 Intraday low
  • SUP 2: 0.9148 High Jul 27
  • SUP 3: 0.9075 Low Sep 10
  • SUP 4: 0.9053/0.9021 20-day and 50-day EMA

EURGBP remains bullish following last week's strong rally but has entered a S/T corrective phase. The cross last week cleared the 50-day EMA in a convincing manner and also breached key resistance at 0.9070, Aug 17 high, 0.9148 Jul 27 high and 0.9176, Jun 29 high. This has opened 0.9305 next, the 76.4% retracement of the Mar 19 - Apr 30 decline. On the downside, initial support is seen at the 0.9172 to 0.9148 zone.

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