Forex Trading: EUR/GBP Makes New Lows On The Day

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Forex Trading: EUR/GBP Makes New Lows On The Day

By Greg Michalowski on January 6, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

The EUR/GBP has made another new low on the day and is starting to approach the 38.2% retracement target support level. As outlined over the last few days, the EUR/GBP has been correcting after the sharp run up in the pair since October (+27% from October to the highs in December). Now with ECB inflation falling more than expected and the markets worry about growth in the Eurozone, the pair has been moving lower. The 38.2% retracement comes in at 0.9000. This would be the first major target level for the pair.

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