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Sharply Higher Once Again

EURGBP TECHS
  • RES 4: 0.9190 76.4% retracement of the Sep 11 - Nov 11 downleg
  • RES 3: 0.9162 High Oct 7
  • RES 2: 0.9142 High Dec 7
  • RES 1: 0.9104 Intraday high
  • PRICE: 0.9094 @ 11:20 GMT Dec 10
  • SUP 1: 0.9008 Intraday low
  • SUP 2: 0.8983/84 Low Dec 4 / 9
  • SUP 3: 0.8953 Former trendline resistance drawn off the Sep 11 high
  • SUP 4: 0.8929 Low Dec 1

EURGBP is sharply higher and volatile price swings remain the order of the day. The technical reading is bullish though. Last week's trendline resistance break, drawn off the Sep 11 high continues to highlight the bullish theme. The cross Monday probed 61.8% of the Sep 11 - Nov 11 sell-off, at 0.9127. Stronger gains would open 0.9162, Oct 7 high. On the downside, initial firm support lies at 0.8983, Dec 4 low. Note though, key support is at 0.8953.

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