FX Strategy 01 August 2013

Sterling weakness is prominent

EUR/GBP has severed its 2008-2013 downtrend

EUR/GBP has exploded higher through the .8710/14 resistance (recent high and also the 2008-2013 resistance line) – and this targets the .8793/.8814 highs seen earlier in the year.
These are also now vulnerable and above here targets the psychological resistance at .9000 and the 2011 high at .9082.
The market remains immediately bid above the accelerated uptrend at .8621, initial support is the 23.6% retracement at .8682.
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