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EURGBP TECHS

Pullback Considered Corrective

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Yields Pull Back With Macklem Remarks

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Remains Above Support

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(V1) Outlook Deteriorating

BRENT TECHS
  • RES 4: $78.03 - High Oct 29, 2018 (cont)
  • RES 3: $76.80 - High Jul 6 and the bull trigger
  • RES 2: $75.92 - High Jul 14
  • RES 1: $75.15 - High Jul 29
  • PRICE: $70.70 @ 18:49 BST Aug 08
  • SUP 1: $70.27 - 4.0% 10-dma envelope
  • SUP 2: $69.75 - Low Aug 05
  • SUP 3: $66.91 - Jul 20 low and Bear trigger
  • SUP 4: $65.75 - Low May 24

Brent futures remain weak, edging to new weekly lows on Thursday before stabilising slightly. The move below the 50-day EMA last week looks convincing, with support now exposed at 66.43. To resume any incline, bulls need to again take out $74.47, the 76.4% retracement of the Jul 6 - 20 downleg. A break and close back above here opens key resistance at $76.80, Jul 6 high. A break of this hurdle would confirm a resumption of the broader uptrend. $66.91, Jul 20 low, is key support.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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