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EURO-STERLING TECHS: Struggling For Traction
The 55-dma finally gave way on a closing basis yesterday, shifting the outlook
firmly negative. EURGBP touched pullback lows of 0.8586 with the next area of
support at 0.8557/54 from the Apr 5 low & 61.8% retracement level. Below here
opens the Apr 4 low at 0.8519, ahead of a run at the psychological 0.85 handle.
To the upside, bulls need to recover the 55-dma, before returning the focus to
the Apr 23 high at 0.8682 and the 0.8700 level.