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Apr 08 - 07:55 AM

EUR/GBP - Chart Gives Bulls Hope As A Bear Trap Could Be Forming

By Martin Miller  —  Apr 08 - 07:00 AM
  • EUR/GBP's fall closed on Thurs under the 0.8322 Fibo weakening the outlook

  • 0.8322 Fibo is a 61.8% retrace of the 0.8204 to 0.8512 March rise

  • However the intra-day recovery gives bulls hope, as a trap could be forming

  • Bear trap: set when a mkt breaks below a technical level but then reverses

  • We are long at 0.8325 in anticipation for a bigger recovery

  • EUR/GBP Trading Page TGM2343 EUR/USD nL2N2W60CQ and GBP/USD nL2N2W60I6

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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