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Oct 29 - 06:55 AM

EUR/GBP - Chart Points To Much Bigger Gains In Coming Sessions

By Martin Miller  —  Oct 29 - 05:37 AM
  • Strong recovery moves after posting a new 2021 low at 0.8403 on Tuesday

  • Registered a Thursday close above the 0.8463 Fibonacci level: a bullish sign

  • 0.8463 Fibo is 23.6% retrace of the 0.8658 to 0.8403 (Sept to Oct) drop

  • We are long at 0.8425 for gains, but beware negative fourteen-day momentum

  • Negative momentum warns bulls of the lingering fragile nature of EUR/GBP

  • EUR/GBP Trading Page TGM2343. EUR/USD nL1N2RP0H8. GBP/USD nL1N2RP0JP

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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