EUR/GBP – Bears in control

FX:EURGBP   Euro / British Pound
Pair’s repeated failure at 0.8556 (38.2% of Jan 2007 low – Dec 2008 high) followed by a breach of the trend line support on Wednesday suggests the bears remain in control, although oversold indicators and the short-term loss of momentum could yield a sideways action in the range of 0.8450-0.8560.

Only a daily close above 0.8558 would signal bearish invalidation.
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