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EUR/GBP: The bulls are back in town

Following three consecutive days of significant gains the pair took a breather by pulling back on Monday to close at 0.86. At 0.8608 at the time of writing, the market is still indecisive. The pair has been trading sideways with a slight upwards bias since March and we expect to see this market going higher towards February’s highs at 0.87-0.88. For the bullish outlook to be confirmed we need to see a break above key resistance level at 0.863. That would open the way to 0.869 and 0.873. In the alternative scenario, we have to see a consistent break below 0.849, in order to reconsider our outlook.

Dafni Serdari
Market Analyst, Spread betting & CFDs
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