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FxWirePro: EUR/GBP rangebound, price action capped within daily cloud

  • EUR/GBP under pressure near 0.7770 region, trades a tight range into the European session.
     
  • Pair is under renewed selling pressure, on the back of a broadly stronger pound amid growing support for the ‘remain’ camp with regard to EU referendum.
     
  • Traders wary ahead of the crucial central bank events due later this week – FOMC and BOJ policy outcomes. 
     
  • Immediate resistance is located at 0.7786 (cloud top), while support is seen at 0.7750 (April 25th lows).
     
  • Momentum with the bears, RSI weak at 36, while MACD and major moving averages are biased north.
     
  • Break below 0.77 handle cloud accentuate downside, test of 0.75 levels then likely.
     
  • Market Data
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