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Clears Support for Fresh YTD Lows

EURGBP TECHS
  • EURGBP plumbing new daily lows through the London close - these are new YTD lows for the cross and the weakness opens 0.8649 initially, the 76.4% retracement for the Dec 1 - Feb 3 bull run.
  • EUR is now among the poorest performers in G10, having held its ground more effectively amid more hawkish commentary from a number of ECB members, who underlined the hawkish themes evident in Lagarde's press conference last week.
  • Moves come ahead of this week's BoE meeting on Thursday, at which the Bank are expected to raise rates by a further 25bps.

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