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Forex: EUR/GBP rises back above 0.9000

Mon, Nov 2 2009, 13:44 GMT
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FXstreet.com (Córdoba) – The Euro is stronger against Cable and is back above 0.9000. EUR/GBP fell last week to 0.8910 posting the lowest price in more than a month. Earlier on Monday the pair broke a resistance zone at 0.8990 and jumped above 0.9000 to 0.9040, intra-day high. Currently trades at 0.9025/30, 0.65% above today’s opening price. EUR/GBP is rising for the first time after falling in the last five sessions.

If the pair rises further it could find resistance at 0.9045 and above at 0.9070 (Oct 28 high). On the downside, support lies at 0.8990/0.9000 and below at 0.8950.

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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

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Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

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