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EURO-STERLING TECHS: Strong Gains
*RES 4: 0.9240 - High Mar 26
*RES 3: 0.9187 61.8% Fibonacci retracement of the Mar - Apr decline
*RES 2: 0.9086 50.0% Fibonacci retracement of the Mar - Apr decline
*RES 1: 0.9057 Double bottom projection
*PRICE: 0.9016 @ 16:49 BST May 29
*SUP 1: 0.8963 Low May 28.
*SUP 2: 0.8881 Low May 26
*SUP 3: 0.8826 Low May 14 and key near-term support
*SUP 4: 0.8827 50-day EMA
EURGBP traded well both Friday and throughout the week having cleared key
resistance at 0.8988, 38.2% of the March-April decline. This reinforces the
underlying bullish theme following the recent May 15 break of 0.8865, Apr 7 high
that confirmed a range breakout. Furthermore, the move through 0.8864, the Apr
21 high also confirmed a double bottom formation. The focus is on 0.9086 next, a
Fibonacci retracement. Initial support lies at 0.8963.