EGP: Fundamental Pressures To Downside

The Egyptian pound has posted slight gains against the dollar since mid-April, appreciating from EGP5.9665/US$ to EGP5.9365/US$ at the time of writing in mid-May. From a purely technical perspective, multi-month trendline resistance at EGP5.9200/US$ will be key to watch over the coming weeks, with a break through this level setting up further gains towards EGP5.8888/US$ in the first instance.

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