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Weaker Below 50-day EMA

EURO-STERLING TECHS
  • RES 4: 0.9183 61.8% retracement of the Sep 11 - Oct 14 sell-off
  • RES 3: 0.9169 1.0% 10-dma envelope
  • RES 2: 0.9162 High Oct 7
  • RES 1: 0.9149 Oct 20 high
  • PRICE: 0.9020 @ 17:13 BST Oct 21
  • SUP 1: 0.9017 2% Lower Bollinger Band
  • SUP 2: 0.9007 Low Oct 14
  • SUP 3: 0.9000 Round number support
  • SUP 4: 0.8967 76.4% retracement of the Sep 3 - 11 rally

Despite early technical conditions looking bullish, EURGBP reverted lower into the London close, with markets falling convincingly through the 50-day EMA at 0.9071. Bulls will be looking for price to remain above 0.9007 and a break though would signal the resumption of bearish pressure. Resistance has been defined at 0.9149.

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

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