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    EUR/GBP: correcting back, a-b-c unfinished, potential for more upside eventually

       
    The pair has corrected back after rallying up to the 0.7220s. It has moved down in a long-red 4-hr candlestick and has found support from the 50-day MA at 0.7175, just below which it is currently consolidating.

    There is even more support not far below, from the monthly pivot at 0.7153 as well as historic support and resistance at 0.7142.

    Currently it looks as if the correction is incomplete and may therefore still have another leg – a ‘c’ leg down – still to unfold, which could take it either to 0.7153 or 0.7142.

    After that, however, there is a strong chance of a recovery unfolding, pushing the pair higher, and a break above 0.7223 would probably lead to a move up to an initial target at 0.7250.

    EURGBP09

       
    The pair has corrected back after rallying up to the 0.7220s. It has moved down in a long-red 4-hr candlestick and has found support from the 50-day MA at 0.7175, just below which it is currently consolidating.

    There is even more support not far below, from the monthly pivot at 0.7153 as well as historic support and resistance at 0.7142.

    Currently it looks as if the correction is incomplete and may therefore still have another leg – a ‘c’ leg down – still to unfold, which could take it either to 0.7153 or 0.7142.

    After that, however, there is a strong chance of a recovery unfolding, pushing the pair higher, and a break above 0.7223 would probably lead to a move up to an initial target at 0.7250.

    EURGBP09


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