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EURGBP Outlook: Falls To Nine-Week Low As Pound Continues To Benefit From Fresh Risk Mode

The cross extends steep fall into second consecutive day (down so far 1.55% since Monday’s opening) and hits nine-week low at 0.8883 on Tuesday.

The single currency comes under increased pressure on fresh risk appetite on vaccine news that inflate pound, with expectations for positive outcome from EU/UK trade talks that would further boost sterling.

Today’s drop generated bearish signal on break of rising 200DMA (0.8922) which requires confirmation on daily close below the indicator to open way for test of key support at 0.8865 (3 Sep low).

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Negative daily techs support the notion, but strong headwinds at 0.8865 pivot could be expected, with upticks expected to provide better selling opportunities while capped under 0.8950 zone.

Res: 0.8922, 0.8950, 0.8980, 0.9000
Sup: 0.8883, 0.8865, 0.8818, 0.8746

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