Since breaching its key level at 0.7245, the action of this pair has been fast and furious. Pausing just below the psychological 0.75 level, one must be wondering how much further can it go? Immediate support is seen at 0.7370-0.7380, but the risk of a bounce in Cable should not be ignored as we are running into event risk (interest rate statement) this week. Our stochastic indicator is also delivering a warning signal. If it runs through the immediate support level, we should be eyeing the 23.60% Fib level at 0.7300-0.7320.
Looking to long EURGBP around 0.7320 with stop around 0.7260.
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