BUND TECHS: (H6) Gains Still Appear Corrective

• RES 4: 0.8865 High Nov 14 and a bull trigger   
• RES 3: 0.8840 High Nov 20
• RES 2: 0.8818 High Nov 26
• RES 1: 0.8749/97 50-day EMA / High Dec 17 and a key resistance
• PRICE: 0.8721 @ 06:00 GMT Dec 31
• SUP 1: 0.8703 Low Dec 29
• SUP 2: 0.8670 Low Oct 21
• SUP 3: 0.8656 Low Oct 8 and a key support   
• SUP 4: 0.8633 Low Sep 15  

EURGBP is trading closer to its recent lows and the bear cycle that started Nov 14, remains intact. Sights are on 0.8706 (pierced), the 76.4% retracement of the Oct 8 - Nov 14 bull leg. Clearance of this level would strengthen the current bear theme and open 0.8656, the Oct 8 low and a key support. On the upside, initial resistance is at 0.8749, the 50-day EMA. Key short-term resistance has been defined at 0.8797, the Dec 17 high.

• RES 4: $87.355 - 4.382 proj of the Oct 28 - Nov 13 - 21 price swing
• RES 3: $86.065 - 4.236 proj of the Oct 28 - Nov 13 - 21 price swing
• RES 2: $84.008 - High Dec 29 and the bull trigger
• RES 1: $78.864 - 61.8% retracement of the Dec 29 high - low range  
• PRICE: $70.794 @ 05:53 GMT Dec 31
• SUP 1: $70.543 - Low Dec 29  
• SUP 2: $66.356 - 20-day EMA    
• SUP 3: $58.813 - 50-day EMA 
• SUP 4: $56.496 - Low Dec 4 

Trend signals in Silver remain bullish  and the volatile session this week that has included a sharp pullback, appears corrective for now. Note that the trend is overbought and a deeper retracement would allow this condition to unwind. The first important support to watch lies at $66.356, the 20-day EMA. On the upside, the bull trigger is at $84.008, the Dec 29 high. A break of this level would confirm a resumption of the uptrend.

• RES 4: 1.3661 High Sep 18    
• RES 3: 1.3607 2.764 proj of the Nov 4 - 13 - 20 price swing 
• RES 2: 1.3557 76.4% retracement of the Sep 17 - Nov 4 bear leg
• RES 1: 1.3537 High Dec 25
• PRICE: 1.3462 @ 05:45 GMT Dec 31
• SUP 1: 1.3450 Low Dec 30
• SUP 2: 1.3409/3348 20- and 50-day EMA values
• SUP 3: 1.3288 Low Dec 9 
• SUP 4: 1.3180 Low Dec 2     

The trend condition in GBPUSD remains bullish and recent gains reinforce current conditions. The latest pause appears to be a flag formation - a bullish continuation pattern. Note that moving average studies have recently crossed and are in a bull-mode position, highlighting a dominant uptrend. Sights are on 1.3557, a Fibonacci retracement. Firm support lies at 1.3348, the 50-day EMA.