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    EUR/GBP: closing in on multi-touch line

    The EUR/GBP pair has fallen to close to a key level at 0.7120, which has acted as support several times in the past, increasing its value as a support and resistance point.

    If the exchange rate succeeds in breaking below the level then it could signal a strong breakout move lower.

    I am keeping an eye on this level as it may provide trading opportunities; a clean break below, including a 20-point margin, so under 0.7100 – or perhaps 0.7095 as 0.7100 has round-number support characteristics – would probably confirm such a breakdown. The next target lower would be the S2 Monthly Pivot at 0.7010.

    If there is a breakdown another way to trade it would be to wait for the exchange rate to pull-back into the level after the initial break and the trade the pull-back.
    EURGBP20

    The EUR/GBP pair has fallen to close to a key level at 0.7120, which has acted as support several times in the past, increasing its value as a support and resistance point.

    If the exchange rate succeeds in breaking below the level then it could signal a strong breakout move lower.

    I am keeping an eye on this level as it may provide trading opportunities; a clean break below, including a 20-point margin, so under 0.7100 – or perhaps 0.7095 as 0.7100 has round-number support characteristics – would probably confirm such a breakdown. The next target lower would be the S2 Monthly Pivot at 0.7010.

    If there is a breakdown another way to trade it would be to wait for the exchange rate to pull-back into the level after the initial break and the trade the pull-back.
    EURGBP20


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