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Free AccessMNI: PBOC Net Drains CNY216 Bln via OMO Monday
Stg0.8907-Stg0.8890 Provides....>
EURO-STERLING TECHS: Stg0.8907-Stg0.8890 Provides Near Term Support
*RES 4: Stg0.9013 Nov 15 high
*RES 3: Stg0.8968/73 Mar 7 high, 3 month bull channel, 1% vol
*RES 2: Stg0.8958 Jul 20 high
*RES 1: Stg0.8935/45 Hourly resistance
*PRICE: Stg0.8901 @1520GMT
*SUP 1: Stg0.8890/99 Jul 29, Jul 9 highs, now support
*SUP 2: Stg0.8866/73 Jul 13 high, Jul 17 low
*SUP 3: Stg0.8850 Congestion area Jun 28-Jul 17
*SUP 4: Stg0.8816 Jul 16 low
*COMMENTARY* Last week's break above the 9 month bear channel top at Stg0.8908
has seen a rally towards next key resistance from the Stg0.8968-Stg0.8973
region. This the Mar 7 high, the current level of the 3 month bull channel top
projection and the upper 1% volatility band. While capped into here, look for
support from between Stg0.8999-Stg0.8890. Loss of the latter would caution and
open up deeper corrective potential, with Stg0.8873-Stg0.8850 then in the frame.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.