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Waiting For Direction After.....>

EURO-STERLING TECHS
EURO-STERLING TECHS: Waiting For Direction
After closing above the 200-dma at 0.8835 yesterday for the first time since Oct
4, EURGBP tested the 50% YTD retracement at 0.8860 but has since fallen back
below the 200-dma. The cross is currently directionless with a move back below
the 61.8% YTD retracement at 0.8803 likely to provide some more downward
momentum and open up the Oct 10 low at 0.8723. To the topside the 0.8860 level
is providing some resistance, preventing bulls from closing above 0.8850
yesterday. A break above here would bring the 0.8916 level into focus (61.8% YTD
retracement). Bears now need a close back below the 200-dma to target the 0.8800
level needed to reignite downside momentum and open the

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