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EUR/GBP Technical Analysis: Short Trade Remains in Play
Talking Points: EUR/GBP Technical Strategy: Short at 0.7311. Support: 0.7116, 0.7005, 0.6887. Resistance: 0.7222, 0.7384, 0.7444. The Euro may be carving out a bottom against the British Pound marked by the formation of a bullish Piercing Line candlestick pattern. A daily close above support-turned-resistance at 0.7222, the March 31 low, exposes the March 25 high at 0.7384. Alternatively, a reversal below the April 23 bottom at 0.7116 opens the door for a test of the 38.2% Fibonacci expansion at 0.7005. We entered short EURGBP at 0.7311 and have since booked profit on half of the trade. Confirmation of reversal is ... (full story)