The cross fell strongly on Friday as renewed Brexit optimism boosted sterling. Fresh probe below 0.8900 handle (also 50% of 0.8494/0.9324 ascend) pressures Thursday's 0.8885 spike low (13-month low). Firm break here would signal extension of downtrend from 0.9324 (12 Aug peak) towards pivotal supports at 0.8840 (200DMA) and Fibo 61.8% of 0.8494/0.9324 (0.8808). Daily studies are in full bearish setup and weekly chart shows the pair on track for the fifth consecutive bearish weekly close that adds to negative sentiment and maintains bearish outlook.

Res: 0.8906; 0.8937; 0.8976; 0.9005
Sup: 0.8885; 0.8840; 0.8828; 0.8808


The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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