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Failed Bearish Breakout After...>

EURO-STERLING TECHS
EURO-STERLING TECHS: Failed Bearish Breakout
After several sessions of price action contained by the 200- and 50-dmas to the
downside, EUR/GBP finally showed below on Wednesday, but a bearish breakout was
not forthcoming. BoE Brexit forecasts dented GBP somewhat, preventing the
outlook from turning negative. A close below the 200- and 50-dmas will be
required for bears to regain control. Conversely, a break through the 100-dma to
the upside would shift attention to a meaningful break above the 38.2%
retracement of 0.8621-0.9099 at 0.8916.

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