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Forex: EUR/GBP consolidates above 0.8700

The pair keeps trading above the key resistance at 0.8700 on Friday, bolstered by the positive momentum of the single currency although renewed strength in the sterling is hampering the upside at the moment.

It is worth noting that both the ECB and the BoE left unchanged their monetary policies on Thursday, supporting a bull run in GBP and EUR.

As of writing, the pair is down 0.18% at 0.8714 with the next support at 0.8692 (hourly low Mar.7) followed by 0.8682 (38.2% of 0.8589-0.8739) and then 0.8664 (50% of 0.8589-0.8739).
On the upside, a breakout of 0.8800 (psychological level) would bring 0.8815 (2013 high Feb.25) and finally 0.8831 (high Oct.28).

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