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Week Ahead 12-18 Dec

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Signs Of A Base *RES 4:.........>

EURO-STERLING TECHS
EURO-STERLING TECHS: Signs Of A Base
*RES 4: 0.8597 2.0% Upper 10-dma envelope
*RES 3: 0.8575 High Dec 2
*RES 2: 0.8531 High Dec 4
*RES 1: 0.8518 High Dec 18
*PRICE: 0.8499 @ 10:27 GMT Dec 19
*SUP 1: 0.8478 Intraday low
*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 has retraced all of the post election sell-off that resulted in a low of
0.8277 on Dec 13. Price yesterday 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 Tuesday's 0.8356 low where a break is required to
reinstate a near-term bearish focus.

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