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EURGBP time for a correction?

Discussion in 'Technical Analysis' started by FXStreet_Team, Feb 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Fear of Brexit has weakened the GBPUSD tanking the pair below 2010 lows and getting close to 2009 historical lows. As I have shown in the previous GBPUSD coverage the pair successfully broke through 1.4050 dropping and hitting our projected target. All this turmoil had a positive effect for EURGBP cross as we could have witnessed a strong bounce upwards. The pair has reached 0.7927 that is EMA89 on Monthly chart. This is strong resistance and by dropping to H4 time frame, we can see a bearish

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