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David Song, Strategist

Although the relative strength index on the EURGBP broke out of the upward trend from the earlier this month, the pair has held within the previous range, and the lack of following through in price action will keep us on the sidelines as the pair continues to carve out a lower top around the 0.8100 figure. In turn, we would like to see a close below the 200-Day SMA (0.8066) to set a potential short entry around the 0.8050 figure, and we will continue to eye the 100-Day SMA (0.7969) as the head-and-shoulders reversal pattern takes shape.

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