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EUR/GBP Cements Bearish Breakout, Opens Levels Last Seen in Aug'22

EUR

EUR slipping alongside poor PMI data, with the Services sector across both France and Germany falling short of focus and showing more broad-based economic weakness. Markets press EUR/GBP to the lowest levels since last August, with prices piercing the key support at 0.8504 (the YTD low).

  • A close at or below these levels would mark a bearish break and cement the downtrend posted off the mid-August high (with the 100-dma proving the key resistance in the cross).
  • 0.8479 marks the next downside level, the 1.0% 10-dma envelope ahead of 0.8471, the Aug 29 '22 low.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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