EUR/GBP May Have Just Ended 4.5-Month Rally
Jason Sen | Apr 06, 2016 05:58AM ET
EUR/GBP may have just ended the 4.5 month rally. Failure to hold above last week's high at 8020 targets 8000, then first support at 7965/60. A good chance of a low for the day and from here we may retest the 8050/54 highs in the days ahead. However, longs need stops below 7940 with further losses to target strong short-term support at 7910/7900.
Important longer-term resistance at 8035/39 coupled with strong resistance again at 8065/70 are 2 important challenges which look unlikely to be beaten at this stage. The pair could top out in this area and cap 4 months of strong gains. A daily close above 8075 would signal further gains are possible however.
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