Morning Report

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eurgbp

The pair breached 38.2% correction shown above at 0.8475 which extends the expected bullishness towards 50% at 0.8605. The classic ascending channel confirms the upside wave while Stochastic and MACD support expectations for further upside movement. Some volatility and a slight downside correction might be seen but only to gain bullish momentum once again.

The trading range for today is among the key support at 0.8335 and key resistance now at 0.8685.

The general trend over short term basis is to the downside targeting 0.7780 as far as areas of0.8965remain intact.

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Weekly Report

Support0.84750.84200.84000.83800.8355Resistance0.85000.85600.85800.86050.8685RecommendationBased on the charts and explanations above, our opinion is buying the pair around 0.8475 targeting 0.8685 and stop loss below 0.8380 might be appropriate