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Briefly Through August Highs, Bulls Eye Key Resistance, BoE Presents Risk

EURGBP

EUR/GBP briefly shows through its August highs as GBP remains on the defensive pre-BoE.

  • Post-CPI questions surrounding the BoE decision later today continue to weigh on GBP, even as STIR markets now lean more towards the idea of a hike than no move at midday.
  • Technically, bulls need to force a break through GBP0.8681, trendline resistance drawn from the Feb 3 high and a key resistance. On the downside, initial firm support lies at GBP0.8569, the Sep 15 low. A break of this level would signal a potential top.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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