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EUR/GBP: Today's Trading

Published 11/18/2014, 06:04 AM
Updated 07/09/2023, 06:31 AM

EUR/GBP Weekly Chart

EUR/GBP will now need to beat 7970 for a chance to retest important resistance at 7990/8000. This remains a big challenge today & in fact a good chance we will turn lower from here once again, but shorts need stops above 8010. Be ready to go with a break higher to target 8025/8030 then a selling opportunity at 8047/52.

Failure to get through important resistance area at 7990/8000 as we become overbought triggers further profit-taking. In fact if we cannot beat 7970, a retest of support at 7952/7948 is expected. There is less chance of this level holding this downside today. Therefore longs need stops below 7940. Be ready to go with a break lower to target 7925/20 for an excellent short term buying opportunity with stops below 7910.

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