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Remains Heavy

EURO-STERLING TECHS
  • RES 4: 0.9070 High Aug 17
  • RES 3: 0.9044 High Aug 24 and key near-term resistance
  • RES 2: 0.8987/97 20- and 50-day EMA
  • RES 1: 0.8975 High Aug 28
  • PRICE: 0.8889 @ 10:31 BST Sep 2
  • SUP 1: 0.8882 Intraday low
  • SUP 2: 0.8864 Low Jun 9 and 61.8% of the Apr 30 - Jun 29 rally
  • SUP 3: 0.8830 Low Jun 15
  • SUP 4: 0.8790 76.4% retracement of the Apr 30 - Jun 29 rally

EURGBP maintains a bearish outlook following last week's sell-off to new multi-month lows. The cross traded lower again this morning. The recent print below 0.8938, Jul 10 low sets the scene for a deeper pullback opening 0.8864, Jun 9 low and the 61.8% Fibonacci retracement of the Apr 30 - Jun 29 rally. Moving average studies have crossed into a bearish condition to reinforce the current downleg. 0.8975 marks initial resistance, Aug 28 high.

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