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Feb 12 - 03:55 AM

EUR/GBP - Consolidation Below 21DMA To Slow The Decline

By Peter Stoneham  —  Feb 12 - 02:55 AM
  • EUR/GBP rallied above the 10-DMA and struck a 3-session high Friday

  • The pair trades near the mid point of its recent consolidation phase range

  • We expect consolidation to persist then resolve with a move to new lows

  • Initial resistance at 0.8553, 21DMA. Support at 0.8533, Friday's low

  • Weekly action completed a seventh straight bear close Friday

  • We offer by 0.8565, just ahead of the Feb. 5 0.8571 high

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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