EUR/GBP: Further Gains Target Main Challenge For Bulls At 8300/05
Jason Sen | Dec 02, 2016 04:06AM ET
EUR/GBP shot higher from the 8370 target to retest Thursday's high at 8485 as I write. Yesterday's spike lower and recovery above 8455 is actually very positive. If we close the week above 8455 this is quite positive for next week. Further gains today target the main challenge for bulls today at 8300/05. Shorts need stops above 8325. A break higher is a buy signal and targets 8555/60 then last week's high at 8375/77 and strong resistance at 8605/15 in to next week.
Watch support at 8455/45. Below here is less positive and a weekly close below is more negative for next week. the best chance of a low for the day. Downside targets are then 8420, 8385/82 and 8370/65. On a break lower look for 8350/46 then September low at 8330.
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