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Sharply Lower

EURO-STERLING TECHS
  • RES 4: 0.9292 High Sep 11 and the bull trigger
  • RES 3: 0.9220 High Sep 22 and a key near-term resistance
  • RES 2: 0.9181 High Sep 24
  • RES 1: 0.9126 Intraday high
  • PRICE: 0.9067 @ 10:32 BST Sep 28
  • SUP 1: 0.9056 Intraday low
  • SUP 2: 0.9029 61.8% retracement of the Sep 3 - 11 rally
  • SUP 3: 0.9000 Round number support
  • SUP 4: 0.8967 76.4% retracement of the Sep 3 - 11 rally

EURGBP maintains a bearish outlook and has traded sharply lower this morning. The cross has cleared support at 0.9083, Sep 17 low. This confirms a resumption of the downtrend that started on Sep 11. The cross has also traded through 0.9063, the 50-day EMA as the sell-off accelerates. The focus is on 0.9029 next, 61.8% of the rally between Sep 3 - 11. Initial resistance is today's intraday high of 0.9126.

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