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The outlook for EUR/GBP remains technically negative
Yesterday the EUR/GBP fell to post a session low at 0.8657. The modest rebound from that low saw it later close the US session at 0.8674. That close was once again below its 200 day moving average, in place this morning at 0.8679. So, as you can see it is still falling gradually and that is perhaps an indication of the trend. The range seen so far today has been very tight so far and covered by 0.8667 to 0.8776. Until and unless there is a daily close back above the 200 day moving average, the bias from this perspective remains skewed to the downside. The reason for that was highlighted again here yesterday and remains unchanged. The outlook for the UK economy and more persistent interest rates seems is better than that across the Channel right now. The EUR/GBP is currently trading at 0.8673
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