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EURGBP technical analysis (update)


Following yesterday's dovish BOE comments, EURGBP soared higher and is currently hanging just below the confluence resistance zone (0.7750 -0.7770). Our bia s for resistance to hold is reinforced by the diverging CCI pattern on the hourly chart. As such, we're currently long GBPUSD and GBPCAD at current levels (1.4530 and 1.9970).
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GBP crosses take off with pre-BOE bids


Yesterday, we recognised the potential for GBP crosses to rise on account of the uptrend reversal pattern on the daily EURGBP chart after price hit a confluence zone of long-term support turned resistance (0.7755-0.7770). In case you missed it, check out yesterday's post. Price is currently below the 20-day EMA @ 0.7550 and GBPUSD is currently up 150 pips from its intraday low. We're looking for a close below 0.7550 in EURGBP after tomorrow's BOE rate announcement to confirm the new trend and t…
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