Forex: EUR/GBP Technical Analysis – Rebound Starts at October Low
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- Prices declined as expected, completing a Rising Wedge chart formation
- A cautious recovery has now begun from support at 0.8332, the Oct 1 low
- Initial resistance is at 0.8408 (38.2% Fib ret.); above that targets 0.8442 (50% Fib)
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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