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EUR/GBP is finally correcting
2019-11-11 • Updated
SELL 0.9230; TP1 0.9200; TP2 0.9160; SL 0.9245
EUR/GBP may be about to make a bigger downside correction. Weak economic figures released in the euro area on Wednesday showed that the single currency doesn’t deserve to rally that much even versus the weak pound.
The currency pair closed yesterday below the August support line and slipped below the weekly pivot point at 0.9250. On D1, the Awesome Oscillator started going down. On H1, the pair slipped below the 200-hour MA. The decline below 0.9230 will open the way down to 0.9200 and 0.9160. The next support is at 0.9110/00. The uptrend will resume if EUR/GBP returns above 0.9300.
Despite a slight decline from its highest levels since 2002, around 109 range, it is just a correction, and the green king, the US dollar, will resume its rally…
What will happen? Federal Reserve Chair Jerome Powell will give a speech during the Jackson Hole Symposium on August 26 at 18:00 GMT+3…
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