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Forex: EUR/GBP recovers the mark of 0.8442/45

FXstreet.com (Barcelona) - The EUR/GBP has traded unevenly during European trading, incurring a drop of nearly 20 pips earlier throughout Monday, before bottoming out at session lows at 0.8432. However, in recent moments, the cross has bounced higher to recover the mark of 0.8442/45.

According to the Technical Analyst Team at ICN.com, “The EUR/GBP continues to fluctuate within tight ranges, within the falling wedge pattern situated above the main ascending trend line, and below 0.8500 horizontal resistance level. Accordingly, we need to see a clear breakout of this area to suggest the next potential direction.”

There is not much to offer in terms of economic data Monday, with a general lull permeating the currency markets. As such, there is a definitive lack of drivers thus far during European trading, which explains the lack of sweeping movement across the pair.

At the time of writing, the cross is declining at a rate of -0.04% off its opening - the Mataf.net analyst team posits the next means of support at 0.8433, followed by 0.8417, and ultimately 0.8404. On the ascension, a break above 0.8462 will initiate short-term resistances for the EUR/GBP at 0.8475, onto 0.8491.

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