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EUR/GBP is trading in the red signaling strong sellers and a further drop in the short term. The price is expected to extend its corrective phase after testing and retesting broken dynamic support, a downside obstacle.
The Pound edges higher versus all its rivals and not only against the Euro as the UK's inflation data have come in better than expected. The CPI rose by 0.6% beating the 0.5% growth expectations, while the Core CPI has registered a 1.4% growth compared to 1.3% expected.
EUR/GBP tested and retested the broken median line (ML) confirming more declines ahead. The price has registered a new lower low signaling strong sellers and massive pressure in the short term.
Its failure to retest the Pivot Point (0.8926) represented the first bearish signal. Furthermore, the current major bearish candle suggests selling as EUR/GBP approaches the S1 (0.8816) static support.
Technically, the major downside target is seen at the lower median line (LML) of the descending pitchfork.
Sell the current bearish momentum and use the S1 (0.8816) as the first target. Dropping and closing below it signals a deeper drop towards the S2 (0.8755) level.
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