Looking at EURGBP’s chart, we can see that after the U-turn on the UK’s government on tax cuts, GBP has gained momentum and the fx pair has fallen to the current level of around 0.8658 which is close to its support level. Today, if it will hold the rate above the level of 0.8650, we could expect an upward reaction towards the resistance level of 0.8850 otherwise it should further fall to the next support level of 0.86.
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