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Technical Analysis- EURGBP keeps downside bias in lower Bollinger Band

On Monday EURGBP dipped below the key 0.7000 level for the first time since November 2007 and touched a low of 0.6987. It has since recovered and bounced to a high of 0.7167. The trend has been neutral after the decline from 0.8037 (November 2014) to 0.7013 (March 2015).

EURGBP is trading in the lower Bollinger Band and the intra-day bias is to the downside. RSI is below 50 and supports the bearish bias. A break below 0.6987 would see a resumption of the downtrend that started from the fall from 0.8037.

Resistance lies at the middle band around 0.7210 and a break above this would weaken the downside momentum and keep the market in a neutral trend.

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