Testing Key Trendline Resistance

• RES 4: 0.9076 50.0% retracement of the Sep 11 - Nov 11 downleg
• RES 3: 0.9069 High Nov 5
• RES 2: 0.9004 High Nov 12 and a key short-term resistance
• RES 1: 0.8995/0.9000 Trendline drawn off Sep 11 high / High Nov 27
• PRICE: 0.8959 @ 16:24 GMT Nov 30
• SUP 1: 0.8915 Low Nov 27
• SUP 2: 0.8861 Low Nov 11 and the bear trigger
• SUP 3: 0.8830 Low May 15
• SUP 4: 0.8803 Low May 13

EURGBP traded sharply higher Friday, extending the recent recovery off the Nov 23 low. Friday's gains resulted in a test of the key trendline resistance drawn off the Sep 11 high at 0.9000. The line intersects at 0.8995 today and is under pressure again today. A breach would signal a reversal and pave the way for a stronger S/T recovery towards 0.9069 initially, Nov 5 high. While the trendline holds, the outlook remains bearish. Key support is at 0.8861.