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Reverts to Neutral *RES 4:......>

EURO-STERLING TECHS
EURO-STERLING TECHS: Reverts to Neutral
*RES 4: 0.8605/09 High Nov 22 / 2.0% Upper 10-dma envelope
*RES 3: 0.8602 2.0% Upper Bollinger Band
*RES 2: 0.8575 High Dec 2
*RES 1: 0.8557 High Dec 19
*PRICE: 0.8488 @ 16:48 GMT Dec 20
*SUP 1: 0.8477 Low Dec 19
*SUP 2: 0.8356 Low Dec 17
*SUP 3: 0.8277 Low Dec 13 and key support
*SUP 4: 0.8213 1.500 projection of Aug 12 - Sep 20 sell-off from Oct 10 high
EURGBP extended overnight softness Friday following gains earlier in the week
that saw the cross hit new post-election highs of 0.8557. The break of former
resistance at 0.8509, Dec 12 high has essentially confirmed a short-term base
and opens 0.8575, Dec 2 high and potentially above. Note that if the cross
trades above 0.8605, Nov 22 high, this would expose the key trendline resistance
at 0.8658, drawn off the August high. Support is seen at 0.8477.

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