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Forex: EUR/GBP – remains below 0.8500 the figure

FXstreet.com (London) - Forex: EUR/GBP – remains below 0.8500 the figure

EUR/GBP hasn’t held its own above the figure when it printed highs yesterday at 0.8515 and has declined to a low seen in London trading hours of 0.8456.

With weaker confidence data out of Germany seen in the ZEW yesterday and with further slightly better than expected data from the UK in the unemployment reading which came in moments ago 0.1% lower than the consensus, the pair continues to oscillate in a tight range supported at 0.8450, the SMA 200 reading and supported with SMA 100 which is also offering a bullish signal while cable remains weak. Note that the charting pattern's offer a faling wedge shape which the pair broke through the top side of yesterday, and a close above the figure 0.8500 this week might attract bids and perhaps larger players who have otherwise been sitting on the sidelines.

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