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Research: Eur/gbp - Trading Strategy, Trigger Points, and Support and Resistance Levels
RBS has given the following trading strategy, trigger points, and support and resistance levels:
TRADING STRATEGY: Move stops to 0.8300 (above the 0.8280 level) target 0.8192 onto 0.8069.
0.8500 - Big important long term resistance level, 61.8% retracement from the '08 credit crunch rally
0.8223 - Downside important potentially supportive resistance level.
0.8315 & 0.8335 - the previous intraday support levels now should turn resistance
0.8280 - the short term fade level if seen intraday
SUPPORT LEVELS: 0.8223, 0.8192, 0.8069
RESISTANCE LEVELS: 0.8280, 0.8315, 0.8372
-So the 0.8280 level still looks good value as a short term intraday fade level; it is the 138.2% projection of the important initial sell off from December and has caught a lot of the recent lows and on the basis of the highs on both the 5th and 10th of April is now the resistance level to tuck stops above. So the stops from yesterday can be moved to 0.8300 giving a 20 pip margin for error and the downside targets are STILL the same - 0.8223, 0.8192 onto 0.8069.
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