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Forex pairs in this Article » EUR/GBP
FXstreet.com (Barcelona) - Earlier today during overnight trading, the EURGBP plunged 40-pips from the 0.8045 region to record a session low of 0.8006. After several brief attempts at recovery that were contained to the area of 0.8027, the pair has again sunk towards 0.8022/24, where it resides presently.

The EURGBP is firmly in negative territory, netting a loss of -0.30% below its opening today. After falling through calculated support at 0.8034, the technical analyst team at Mataf.net points to additional supportive measures at 0.8023, followed by 0.8013. On the ascension or in the event of a prolonged recovery upwards, a break of the 0.8055 level will trigger short-term resistances at 0.8065 and 0.8076.

"Although some selling pressure was posted in the EURGBP, the dip was bought (for the 3rd day in succession) inside the daily Ichimoku Cloud base. This resulted in the second inside day in succession and formed a consolidated triangle on the intraday chart. This indecision has been resolved overnight with the cross breaking out to the downside, and as such the medium term bias is still mildly bearish." writes Ian Coleman, an FX Analyst at First4Trading.

There will be a definitive lack of data or announcements out of the Eurozone Wednesday, following a busy day yesterday across the continent. Later this morning at 9:30 GMT however in the United Kingdom, investors will digest the BOE Minutes as well as the figures for the Public Sector Net Borrowing (October).
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