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EURGBP has a nice setup for a bullish reversal
video EURGBP keeps on maintaining a positive mood for the third consecutive day while confirming a higher low at 0.8543 ahead of the Bank of England's rate decision today at 11:00 GMT. Specifically, the pair seems to be building the right shoulder of an inverse head and shoulders pattern (H&S), which theoretically is an encouraging sign that the previous downtrend to a ten-month low of 0.8503 is nearing its end. The 20- and 50-day simple moving averages (SMAs) are set to post their first bullish cross this year, and if that gets completed, the series of higher highs and higher lows in the short-term picture ... (full story)