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  • The EUR/GBP tumbled into the 0.8800 handle over the last twenty-four hours, slipping from a near-term ceiling of 0.8930 as Euro traders freaked out over Italy budget finagling get caught sleeping by overshorted  GBP bidders, further boosted by Brexit headlines in Thursday’s early trading hours.


  • The pair slipped past the 200-hour moving average looking further out, and the challenge for Euro traders will be to find a way back over the critical indicator currently sitting high above at 0.8860, while Pound buyers will be looking to reload on EUR/GBP short positions from the newfound resistance level.


  • The past six weeks have seen the EUR/GBP staging a bullish recovery from medium-term lows at the 0.8720 region, and the current week’s declines see the pair losing momentum around the 200-period moving average.