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British Pound surges after UK exit poll shows Conservatives expected to win 368 seats out of 650

Euro Cross Pick 03.30.10

Euro Cross Pick 03.30.10

2010-03-30 11:24:00
David Song, Currency Strategist
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The EUR/GBP spiked lower during the overnight trade on the back of British Pound strength, and the exchange rate looks poised to push lower throughout the week as price action fails to hold above the 20-Day SMA at 0.9012. As a result, I will look to short the pair at 0.8914, the 100-Day SMA, and will target former resistance right around the 0.8800 level, which could act as future support, with the stop at 0.8971, the 3/18 high.

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