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The EUR/GBP pair did very little during the session on Tuesday as it continues to hovered just above the 0.79 handle. The area is the start of a fairly large resistance zone all the way up to the 0.81 handle, and we think that the resistance above will eventually push this pair back down.
However, we need to see that signal, and we simply haven't done so yet. A daily close below the 0.79 handle is good enough for us to start selling again. Also, a rally that fails - especially around the 0.80 level – interests us for a sell position as well. As for buying, we simply will not do it until we are well above the 0.81 handle.