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Pulling Away From Recent Highs

EURO-STERLING TECHS

EURGBP is softer today as Sterling finds some buying interest.

  • The cross recently stalled ahead of a key retracement level at 0.9305, 76.4% of the Mar - Apr sell-off.
  • With the cross pulling away from recent highs, 0.9292, Sep 11 high and 0.9305 have been defined as a key short-term resistance zone.
  • Continued weakness would expose 0.9075, Sep 10 low and 0.9028, the 50-day EMA.
  • A clear breach of the average is required to signal a stronger reversal and open sub 0.9000 levels.
  • Initial resistance is at today's intraday high of 0.9208.
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