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Free AccessEUR/GBP Cements Bearish Breakout, Opens Levels Last Seen in Aug'22
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.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.