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Still Appears Vulnerable

EURO-STERLING TECHS
  • RES 4: 0.9388 Mar 23 high
  • RES 3: 0.9305 76.4% retracement of the Mar - Apr sell-off
  • RES 2: 0.9292 High Sep 11 and the bull trigger
  • RES 1: 0.9220 High Sep 22
  • PRICE: 0.9112 @ 05:54 BST Sep 28
  • SUP 1: 0.9083 Low Sep 17 and the bear trigger
  • SUP 2: 0.9075 Low Sep 10
  • SUP 3: 0.9063 50-day EMA
  • SUP 4: 0.9029 61.8% retracement of the Sep 3 - 11 rally

EURGBP maintains a bearish outlook. Key S/T resistance has been defined at 0.9220, Sep 22 high. The recent failure on Sep 11 ahead of 0.9305, 76.4% of the Mar - Apr sell-off is weighing on the cross. 0.9292, Sep 11 high to 0.9305 zone remains a key resistance zone. A deeper pullback would open 0.9075, Sep 10 low and 0.9063, the 50-day EMA. Clearance of the average would expose a deeper sell-off. Clearance of 0.9220 changes the outlook.

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