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FxWirePro: EUR/GBP hovers towards over 2-month trough, dip till 0.8275 likely

  • The euro eased, hovering towards an over 2-month low against the British pound after Britain’s new finance minister said he would deliver the budget as planned in three weeks
  • However, conflicting views put forth by Britain and the European Union about their trade negotiations limited the British currency's upside.
  • EUR/GBP is trading 0.1 percent down at 0.8296, having hit a low 0.8281 on Tuesday, its lowest since December 13.
  • Technical indicators are bearish: RSI weak at 33, MACD supports downside and Stochs are at oversold levels
  • Immediate resistance is located at 0.8326 (5-DMA), a break above could take it near 0.8345 (23.6% retracement of 0.8504 and 0.8295)
  • On the downside, support is seen at 0.8275, a break below could drag it till 0.8248.

Recommendation: Good to sell on rallies around 0.8299, with stop loss of 0.8307 and target price of 0.8275.

  • Market Data
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