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EURGBP technical analysis

EURGBP Tech analysis by Simon Kazinsky on 14:58 Octuber 15, 2014 EST


EURGBP has reclaimed today the 0.80 mark after setting a low at 0.7765 on the first day of October when it touched and rebound from the lower trendline of the descending channel it is in since summer last year.

With that said the pair should encounter resistance in this area as it finds the upper trendline of the channel and the Moving Average that has contained previous rises.

Retail traders are heavily short EURGBP.


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