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Aug 17 - 07:55 AM

EUR/GBP - Downside Risk Remains High Despite Rebound

By Peter Stoneham  —  Aug 17 - 05:50 AM
  • Cross beginning to trend despite positive momentum and intraday shadow

  • New reversal low and 14-day momentum poised to flip negative

  • Small rebound from 0.8390 has formed a long lower candle shadow

  • Having peaked at 0.8492 on Aug. 12 price has now dipped under 0.8400

  • A cluster of moving average resistance stands over the mkt at 0.8426-38

  • Next Fibo level from 0.8341-0.8492 is at 0.8377

  • Risk developing for a full retracement to 0.8341, Aug. 2 low

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Source:
Refinitiv IFR Research/Market Commentary

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