4 Aug 2015
EUR/GBP has 0.7131 on sight – Commerzbank
FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross could re-visit the area of 0.7131.
Key Quotes
“EUR/GBP having seen a stunning recovery on Friday – we are going to assume that there is enough impetus to re-challenge the 55 day ma at 0.7131. It is possible that further gains will be seen here towards the .7191 2015 downtrend, where we suspect the rally may stall”.
“The market has recently sold off to the base of a 6 year down channel and it is possible that this .6937/67 zone will again hold. This is key support – it will act as the break down point to the .6571/41 the 2007 low”.
“A longer term negative bias is entrenched below the 2015 downtrend, this is located at .7191”.
Key Quotes
“EUR/GBP having seen a stunning recovery on Friday – we are going to assume that there is enough impetus to re-challenge the 55 day ma at 0.7131. It is possible that further gains will be seen here towards the .7191 2015 downtrend, where we suspect the rally may stall”.
“The market has recently sold off to the base of a 6 year down channel and it is possible that this .6937/67 zone will again hold. This is key support – it will act as the break down point to the .6571/41 the 2007 low”.
“A longer term negative bias is entrenched below the 2015 downtrend, this is located at .7191”.