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EUR/GBP: down-trend expected to eventually extend

   
The EUR/GBP pair is in a broad down-trend. It formed a bullish hammer pattern yesterday (Wednesday) and has since risen higher, however, this is probably just a temporary bounce before the down-trend starts pulling prices lower again.

The S1 Monthly Pivot is at 0.6918 providing support and if there is a clear below it, including a 20-point margin – so below 0.6898 – then I would expect it to fall even more deeply, to a target at 0.6855.
EURGBP06

   
The EUR/GBP pair is in a broad down-trend. It formed a bullish hammer pattern yesterday (Wednesday) and has since risen higher, however, this is probably just a temporary bounce before the down-trend starts pulling prices lower again.

The S1 Monthly Pivot is at 0.6918 providing support and if there is a clear below it, including a 20-point margin – so below 0.6898 – then I would expect it to fall even more deeply, to a target at 0.6855.
EURGBP06



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