Tue, Mar 21, 2023 @ 08:16 GMT
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EUR/GBP Breaks Resistance

The pound licks wounds after the BoE hinted at pausing its tightening. On the daily chart, a hammer in the 0.8770 demand zone indicates a rejection of further downside and that the market is attempting to bottom out. A strong bullish candle that follows shows that the bulls are back in business. On the hourly chart, this took the shape of a surge above 0.8880, prompting sellers to cover. As the RSI returns to the neutral area, follow-through could be expected above 0.8800 in anticipation of renewed momentum towards 0.8930.

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