16 března 2009


FX: EURGBP’s recent break to the upside saw many shorts covered on the break above 0.9080/85, and prompted a rush to 0.9317/20 last Thursday. Price action has slowed down since then, and the pair now needs to hold above 0.9135 and that 0.9080 level in order to maintain bullish expectations. A warning (to bulls) may be seen on a break back under the 0.9165 level (Friday morning’s low). Further slippage back into the 0.9165/9135 zone should not be discounted, but a break below 0.9110 seems unlikely at this stage. Resistance seen at 0.9240/45, then 0.9295, with supports at 0.9165, 0.9135 and 0.9110.

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