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    EUR/GBP: down-trend possibly resuming

       
    The pair is in an established down-trend which appears to be renewing after the completion of a small a-b-c correction.

    The down-trend will probably extend, however, I would ideally wish to see a break below the S1 monthly pivot at 0.6918 first, including a 20-point margin – so below 0.6898 – for confirmation. The next target would probably be at 0.6839.

    Alternatively, given the strength of the correction, there is a possibility this could mark a resurgence of the up-trend higher, with a move above the current 0.7044 highs leading to an extension to resistance at 0.7087.

    EURGBP22final

       
    The pair is in an established down-trend which appears to be renewing after the completion of a small a-b-c correction.

    The down-trend will probably extend, however, I would ideally wish to see a break below the S1 monthly pivot at 0.6918 first, including a 20-point margin – so below 0.6898 – for confirmation. The next target would probably be at 0.6839.

    Alternatively, given the strength of the correction, there is a possibility this could mark a resurgence of the up-trend higher, with a move above the current 0.7044 highs leading to an extension to resistance at 0.7087.

    EURGBP22final


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