23 Jul 2014
EUR/GBP attention turned to 0.7878 – Commerzbank
FXStreet (Edinburgh) -Despite the recent tepid rebound of the cross, Karen Jones, Head of FICC Technical Analysis at Commerzbank, expects the attention turns to the 0.7878 level.
Key Quotes
“EUR/GBP’s rebound has been even less than we hoped for petering out at .7933”.
“It looks to already be back under pressure and attention is on the base of its down channel at .7878 (2013-2014 down channel)”.
“Rallies are expected to find initial resistance at .7960 (June low) and the .7980 recent high”.
“Only a close above the 4 month downtrend at .8004 would negate the current downside pressure (not favoured)”.
Key Quotes
“EUR/GBP’s rebound has been even less than we hoped for petering out at .7933”.
“It looks to already be back under pressure and attention is on the base of its down channel at .7878 (2013-2014 down channel)”.
“Rallies are expected to find initial resistance at .7960 (June low) and the .7980 recent high”.
“Only a close above the 4 month downtrend at .8004 would negate the current downside pressure (not favoured)”.