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200 hour moving average at 0.89786
The EURGBP is trading near session highs but is also stalling around its 200 hour moving average and 0.89786. Nevertheless, the price has been able to extend above a downward sloping trendline is 0.8966 currently, and the 50% retracement at 0.89708. Stay above each keeps the buyers more control.
On the top side, the next target comes in at 0.89897 (the 61.8% retracement of the move down from the July 17 high). Move above that will target the time for the weekend 0.9004.
The GBPUSD has moved to new 27 month lows for the pair in trading today. The EURUSD has extended its trading range to the downside in the NY session but has only a 39 pip trading range for the day.
This article was originally published by Forexlive.com. Read the original article here.