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Sharp Retracement *RES 4:.......>

EURO-STERLING TECHS: Sharp Retracement
*RES 4: 0.8593 2.0% Upper 10-dma envelope
*RES 3: 0.8575 High Dec 2
*RES 2: 0.8531 High Dec 4
*RES 1: 0.8518 Intraday high
*PRICE: 0.8501 @ 10:30 GMT Dec 18
*SUP 1: 0.8356 Intraday low
*SUP 2: 0.8277 Low Dec 13 and key support
*SUP 3: 0.8213 1.500 projection of Aug 12 - Sep 20 sell-off from Oct 10 high
*SUP 4: 0.8149 1.618 projection of Aug 12 - Sep 20 sell-off from Oct 10 high
EURGBP rallied sharply Tuesday and has retraced all of the post election
sell-off that resulted in a low of 0.8277 on Dec 13. Price hastoday probed
resistance at 0.8509, Dec 12 high. A clear break of this level would most likely
signal the confirmation of a short-term base and open 0.8575, Dec 2 high and
potentially above. On the downside, support lies at yesterday's 0.8356 low where
a break is required to reinstate a near-term bearish focus.

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