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FxWirePro: EUR/GBP Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis:

- EUR/GBP was trading 0.48% higher on the day at 0.8613 at around 13:50 GMT

- The pair has snapped a four-day bearish streak, but recovery lacks traction

- Price action has bounced off from just above 200-DMA support

- Spinning top formation at lows raises scope for more upside

- Momentum still with the bears, Stochs are sharply lower and RSI is below the 50 mark

Support levels:

S1: 0.8537 (200-DMA)

S2: 0.85

Resistance levels:

R1: 0.8628 (110-EMA)

R2: 0.8650 (21-EMA)

Summary: EUR/GBP recovery lacks conviction. Technical bias is still bearish. Break below 200-DMA will plummet prices. Decisive break above 110-EMA could change near-term dynamics. 
 

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