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EUR/GBP establishing fresh highs at 0.8532/36

FXstreet.com (Barcelona) - The EUR/GBP rise has continued unabated, breaching the critical 0.8500 resistance yesterday and never looking back.

As of European trading, the cross has steadfastly risen higher, trading in the heights of 0.8532/36 in these moments and establishing session highs Wednesday. Later today, the United Kingdom is expected to release retail sales data and the BoE minutes will certainly capture the attention of investors.

According to the Mataf.net technical analyst team, per a further rise in the EUR/GBP, the cross will encounter its next short-term resistances at 0.8554, followed by 0.8581, and 0.8634. Conversely, the pair is set to face calculated support at 0.8474, then 0.8421, and ultimately 0.8394.

“The EUR/GBP extended the rally recently, breaking the 0.8500 horizontal resistance, in addition to the resistance of the falling wedge pattern, indicating a potential upside reversal. Accordingly, our intraday and short-term bias is bullish.” notes the ICN.com Technical Analyst team.

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