Short EURGBP: With the Scottish referendum behind us, the market will re-focus on economic fundamentals, and relative economic/monetary policy outlook favours shorting EURGBP. Our technical strategist notes that the consolidation phase of the past two months has resolved bearishly, in line with the prevailing downward trend and our greater bearish view, and expects further weakness towards 0.7755, the lows of 2012. A break below there would allow room towards the 0.7700 area and further out towards targets near 0.7250, the former range highs from 2003. It would take a move above 0.8140 to suggest that the bear trend is running out of steam
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