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EURGBP Future Direction Hinges on 0.9090
The EURGBP is staying below the 0.9090 resistance level, at least for now. I wrote about this breakdown last week. The first was on August 19th when a combination of signals suggested a top was in place. The second commentary came on the 22nd as EURGBP was breaking below the 0.9090 area. That sub 0.9090 close had us watching for a retest of the area as new resistance. So far, sellers have defended the area on a daily closing basis. As long as 0.9090 holds as resistance, I have to favor selling EURGBP. But sellers need to take out last week’s low at 0.9040 if they intend to push the pair lower toward the 0.8915 ... (full story)