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May 12 - 06:55 AM

EUR/GBP - Correction Underway; Risk To May 11 Low Point

By Peter Stoneham  —  May 12 - 05:20 AM
  • New trend high at 0.8618 but gains were fleeting

  • Overbought condition beginning to tell

  • On the pullback, risk to 0.8528 Wed low point

  • Below here and a deeper adjustment likely with reversal potential

  • Daily positive momentum has faded and RSI now rejected twice at 70

  • Resistance provided by the 30DMA upper Bolli line, 0.8624

  • We stand aside for now

    For more click on FXBUZ
















EUR/GBP Trader:

EUR/GBP daily candle chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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