EUR/GBP Looking To Test All -Time High

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EUR/GBP Looking To Test All -Time High

By Greg Michalowski on December 23, 2008 | More Posts By Greg Michalowski | Forex News By FXDD

eurgbp

EUR/GBP has made a major move up since 11/28 at .8234, all the way up to its all time high, ever, at .9552 12/18. Presently looking to test this high again. A fail here of this re-test could start to form a “double top formation with confirmation of this on a break below .9280. Retracement levels are respectively:

.9051 (38.2% Fibonacci)

.8893 (50% and 100 HR MA)

.8738 (61.8%) Fibonacci

With GDP for the UK coming in at .3% which is the lowest since q3 1990 which could lead to major GBP weakness, keep watch on this high for a break to highs not seen.

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