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Jul 18 - 06:55 AM

EUR/GBP - Bears Should Be Wary Of Positive Momentum On Chart

By Martin Miller  —  Jul 18 - 05:20 AM
  • In recent weeks EUR/GBP failed to close above the 0.8699 Fibo

  • 0.8699 Fibo is a 38.2% retrace of the 0.9500 to 0.8204 (2020-2022) drop

  • That has hurt the euro’s prospects against sterling for the time being

  • Despite this, bears should be mindful that 14-week momentum is positive

  • They need a break under last week's 0.8403 low to press home their advantage

  • EUR/GBP Trading Page TGM2343 EUR/USD nL1N2YX0G1. GBP/USD nL1N2YZ0BT

Source:
Refinitiv IFR Research/Market Commentary

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