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21-dma Still Providing the......>

EURO-STERLING TECHS
EURO-STERLING TECHS: 21-dma Still Providing the Upside Target
As with GBPUSD, EURGBP has been confined to a narrow range today, and currently
trades almost exactly in line with yesterday's close. The cross topped out at
0.8595 yesterday just ahead of the 21-dma which keeps the broader bearish trend
intact. The downside target remains 0.8550 initially, ahead of the ytd low &
long-term 38.2% retracement level at 0.8472/68. To regain upside momentum bulls
need to recover the 21-dma which would open the March 11 high at 0.8675. A close
above here would suggest a potential bullish reversal.

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