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Nov 08 - 03:55 AM

EUR/GBP - Last Failure Above 200DMA Led To A Significant Drop

By Peter Stoneham  —  Nov 08 - 01:58 AM
  • Gain consolidation following sharp Thursday-Friday gains

  • Failure to close above the daily cloud-200DMA could lead to a correction

  • Last closing failure above 200DMA, Sept 29, led to a 2.95% decline

  • Friday high also fell just shy of a 76.4% Fibo at 0.8598

  • Cloud parameters provide initial trigger points at 0.8554 and 0.8585

  • Bearish indications but we wait for stronger signals

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EUR/GBP Trader:

EUR/GBP daily Ichimoku chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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