17th Oct - EUR/GBP Channel Base Support Holding...
17 October 2013
WEEKLY CHART:
Earlier recovery saw a retest of resistance from the 0.8770 76.4% level and projected channel top – another price rejection occurred and now key support is under scrutiny, see below...
DAILY CHART:
Following earlier violation of the 38.2% level support has emerged from the channel base projection. The current rebound is expected to be temporary, and should peter out ahead of the 0.8652 28-Aug high.
A later break of the channel base should provide the power to push through the 50% level and test the 0.8158 61.8% retracement area, where prior highs reside too.
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