Looking at EURGBP’s chart, we can see that GBP is gaining ground as there are hopes for a U-turn on tax cuts from the British Government. Today, the fx rate opened down with a gap and is currently traded at around 0.8645. if the rate remains above its support level at around 0.8630-0.8640, then we should expect it to rise towards its resistance level at around 0.8680-0.87 otherwise it could test the rate of 0.8620.

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