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EUR/GBP PRICE ANALYSIS: DOWNMOVE REACHES CRITICAL SUPPORT LEVEL

llexaxo
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  • EUR/GBP price has fallen to support from the top of a multi-month range at 0.8590. 
  • Despite bearish signs the pair could yet rally as the short-term trend remains technically bullish. 
  • A decisive break below the support level, however, would indicate deeper decline back into the range.  

EUR/GBP price has reversed and fallen to a key support level at around 0.8590, where it is currently consolidating. 

During volatile trading on April 19 the pair broke out of its multi-month range and rose up to a peak of 0.8645, however, it quickly reversed and fell back down. 


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