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Coleman: Mapping the mixed results in EURGBP

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Volatility in the currency markets ensues, as the Federal Reserve meeting on Wednesday looms heavily over investors. As EUR continues to weaken, hitting a 12 year low against the USD on Monday, Ian Coleman from First 4 Trading is looking to leverage the currency’s weakness in a EURGBP trade. After several days of mixed trading results, Ian notes that there has been a trend of lower intraday highs. An AB=CD formation suggests a corrective move lower down to GBP 0.7078, near the 61.8% Fibonacci level of GBP 0.7073.

Ian is looking to sell at GBP 0.7135 with two targets of GBP 0.7075 and GBP 0.7046. A stop can be placed at GBP 0.7160.

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