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FxWirePro: EUR/GBP trades rangebound, UK PMI data to provide direction

EUR/GBP has been trading a tight range, day's high at 0.7613 and lows by 0.7596, bias is lower.

  • On 4-Hourly charts, the pair has been trading a symmetrical triangle, and break out on either side required for further direction.
     
  • 4-H cloud seen capping gains, break above would find next resistance at 0.7640 (trendline).
     
  • On the downside, immediate support is located at 0.7570 (trendline), ahead of 0.7561 (Jan 29th lows) and then at 0.7555 (21-DMA).
     
  • Doji formation on Friday's candle confirms traders' indecision, UK manufacturing PMI data (due later in the European session) to provide direction to the pair.
  • Market Data
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