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Chart Of The Day: EUR/GBP

Published 11/19/2021, 03:10 AM
EUR/GBP
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I think what most traders missed this week about the EUR/GBP is that the pair actually challenged a slight descending channel support as we hit a new trend low. Daily RSI was divergent suggesting we would bounce and not that we are back above the 0.8400 level, the risk is for a bounce.

From here, a move back above the 0.8465 level would suggest a move back above the previous support and now 38% Fibonacci retracement which means a move back to the 50dma then 200dma would be a high risk. 

EUR/GBP Daily Chart

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