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Jun 10 - 06:55 AM

EUR/GBP - : Sub-0.85 Close Likely To Add To Bearish Bias

By Justin Mcqueen  —  Jun 10 - 05:30 AM
  • EUR/GBP bears boosted by political uncertainty as Macron calls snap election

  • Cross now firmly below 0.85 to trade at lowest level since Aug 2022

  • A daily close below 0.85 would likely embolden shorts

  • Though, deviation with 100-hour MA suggests cross is oversold in short-term

  • Resistance: 0.8500, 0.8550-54 (100/55-day MA), 0.8599 (200-day MA)

  • Support stands at 0.8400, 0.8340 (Aug 2022 low)

  • Eyes also on upcoming UK jobs data, key focus remains on wages

  • Labour majority could see EUR/GBP fall to pre-Brexit average nL1N3HV1SC

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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