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   “¢   A combination of factors – Italian budgetary worries and the recent Brexit optimism kept exerting downward pressure around the cross for the seventh consecutive session.

   “¢   The cross has now dropped to an important horizontal support as market participants now look forward to the US macroeconomic releases for some fresh impetus.

   “¢   Technical indicators on the daily chart have drifted into near-term oversold conditions and hence, warrant some consolidation before any further depreciating move.

   “¢   A positive UK data-led fall to fresh four-month lows is more likely to be limited till the 0.8700 handle, while even a slight disappointment might trigger a short-covering bounce.

EUR/GBP daily chart


       Last Price:  0.873
       Daily change:  -12  pips
       Daily change:  -0.137%
       Daily Open:  0.8742
       Daily SMA20:  0.8881
       Daily SMA50:  0.8933
       Daily SMA100:  0.8877
       Daily SMA200:  0.884
       Daily High:  0.8794
       Daily Low:  0.8733
       Weekly High:  0.892
       Weekly Low:  0.8777
       Monthly High:  0.8998
       Monthly Low:  0.8777
       Daily Fibonacci 38.2%:  0.8756
       Daily Fibonacci 61.8%:  0.877
       Daily Pivot Point S1:  0.8719
       Daily Pivot Point S2:  0.8696
       Daily Pivot Point S3:  0.8658
       Daily Pivot Point R1:  0.878
       Daily Pivot Point R2:  0.8817
       Daily Pivot Point R3:  0.884