27 Jul 2015
EUR/GBP still points southwards – TDS
FXStreet (Edinburgh) - The FX Strategy Team at TD Securities expects the cross to grind lower in the next weeks.
Key Quotes
“EURGBP has also participated in today’s broad rally in the common currency, rising above 0.7150”.
“We noted that a move to this region would have us reassess our view that spot was heading lower”.
“For now we are sticking with that call as the fundamentals continue to point solidly for a stronger GBP. Our instinct to fade this bounce is strong, but we will remain patient now as we wait for this position squeeze to run its course”.
“We have a strong conviction that the natural centre of gravity for spot remains lower over the next several weeks”.
Key Quotes
“EURGBP has also participated in today’s broad rally in the common currency, rising above 0.7150”.
“We noted that a move to this region would have us reassess our view that spot was heading lower”.
“For now we are sticking with that call as the fundamentals continue to point solidly for a stronger GBP. Our instinct to fade this bounce is strong, but we will remain patient now as we wait for this position squeeze to run its course”.
“We have a strong conviction that the natural centre of gravity for spot remains lower over the next several weeks”.