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EUR/GBP edges back from fall below technical support level at 0.8528

As the dust settles on the outcome of the ECB policy decision and the boss, Christine Lagarde briefs the press following that decision, the fall in the EUR/USD has extended a little more to a session low so far at 0.1.0868. It is above that low right now and the price action by recent standards is slightly elevated in terms of volatility. That sure is a welcome change here. So, as the EUR/USD tests the downside, the lowering of the ECB growth and inflation forecasts has also transposed itself across a number of cross rate, not just the one highlighted here in the previous update- the EUR/JPY. This update focuses on the EUR/GBP. That has just now taken out a double bottom on the daily charts, in place at 0.8528. Like the EUR/USD, that is bouncing slightly now from a low at 0.8524. Looking at the longer term chart on this one, the downside still has the upper hand and now further below its current 21 day moving average (now at 0.8548) . The EUR/GBP closed last night at 0.8560. It is currently trading at 0.8532 
 

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