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AdamEdwards

EURGBP 1D CHART: SHORT, OVERBOUGHT

Short
Euro / British Pound (FX:EURGBP)  
AdamEdwards  
FX:EURGBP   Euro / British Pound
eurgbpshort
2
0
eurgbpshort
Technical reasoning:
  • RSI & %R overbought
  • Close to Bollinger resistance point
  • MACD signal line about to cross downwards
  • Close to highs set in May and October (stop set just above these)

Fundamental reasoning:
  • The pound edged higher against the U.S. dollar and the euro on Dec 23rd , even after data showed that the U.K. economy grew less than initially expected in the third quarter. This indicates GBP strength, which the market expects to continue.
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