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EUR/GBP breaks out ahead of UK GDP
It has been quite a chop feast in FX of late as investors keep a close eye on developments in risk assets for direction, amid the coronavirus-related uncertainty. So, today’s breakout in the EUR/GBP cross is a welcome break – at least for traders in this pair anyway. Take a look at the chart first: image The EUR/GBP has been consolidating after mean reverting back to the 200-day average between March and April. Here, it was also testing old resistance in the 0.8680-0.8730 area. Well, this old resistance zone has now turned into support and price has just broken out of a short-term pennant consolidation pattern. ... (full story)