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Pierces Key Support


Corrective Cycle Extends

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Sharp Rally *RES 4: 0.8605......>

*RES 4: 0.8605 High Nov 22
*RES 3: 0.8596 High Jan 14 and bull trigger
*RES 2: 0.8554 High Jan 20
*RES 1: 0.8520 Intraday high
*PRICE: 0.8498 @ 05:30 GMT Feb 4
*SUP 1: 0.8387 Low Jan 31 and key intraday support
*SUP 2: 0.8356 Low Dec 17
*SUP 3: 0.8352 76.4% retracement of the Dec 13 - Jan 14 rally
*SUP 4: 0.8277 Low Dec 13 and key support
EURGBP traded sharply higher yesterday with Sterling under pressure. The cross
cleared resistance at 0.8488, Jan 30 high. The break of this level signals scope
for gains towards 0.8553, Jan 20 high ahead of key resistance at 0.8596, Jan 14
high. On the downside, firm support has been defined at 0.8387, the Jan 31 low.
A break of this level is needed to reinstate our recent bearish focus and open
0.8356, Dec 17 low and 0.8277, Dec 13 low.

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