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EUR/GBP Technical Analysis: Daily Breakdown

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by , 01-17-2019 at 01:57 PM (103 Views)
          
   
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After being confined to trading within a horizontal range between 0.89525 and 0.90607 since December, the Euro is quickly losing ground against the British Pound after a rising support line was breached as anticipated. Not only has EUR/GBP fallen about 2.25% since January 11th, but also the pair achieved its longest daily losing streak since October 9th (5 days). Fundamentally, this has been due to the latest Brexit developments.

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It is now facing its next big test that could determine if the new downtrend may accelerate. This is a horizontal range of support in-between 0.88384 and 0.88108 which is composed of the lows achieved back in late November. Coincidentally, the outer boundary of support is where EUR/GBP paused its descent on Wednesday. Falling through may open the door to testing the November 2018 lows around 0.86683.

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