Back
19 May 2015
EUR/GBP: Bears need a close below 0.7122 - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank noted the conditions surrounding the EUR/GBP.
Key Quotes:
"EUR/GBP continues to see a minor recovery from the base of the channel. The recent breach of the base of the channel has not been sustained. In order to reassert downside pressure a CLOSE below the 0.7122/18 April low is needed."
"The rebound from here is viewed as corrective and while rallies remain below the 0.7316 pivot line it will remain directly offered. A close below 0.7118 will act as the break down point to the 0.7015 March low."
"Top of channel at 0.7500."
"Rallies will find initial resistance at 0.7316 and are expected to remain capped now by the 0.7500 top of the channel."
"Current Position: Short 0.7225. Recommended trade: stop 0.7335.Exit 0.7025."
"Shorter term (1-3 weeks): Holding the base of the channel on a closing basis
"Medium term (1-3 months): Major support 0.7015/00, once broken this will target 0.6571/41, the 2007 low."
Key Quotes:
"EUR/GBP continues to see a minor recovery from the base of the channel. The recent breach of the base of the channel has not been sustained. In order to reassert downside pressure a CLOSE below the 0.7122/18 April low is needed."
"The rebound from here is viewed as corrective and while rallies remain below the 0.7316 pivot line it will remain directly offered. A close below 0.7118 will act as the break down point to the 0.7015 March low."
"Top of channel at 0.7500."
"Rallies will find initial resistance at 0.7316 and are expected to remain capped now by the 0.7500 top of the channel."
"Current Position: Short 0.7225. Recommended trade: stop 0.7335.Exit 0.7025."
"Shorter term (1-3 weeks): Holding the base of the channel on a closing basis
"Medium term (1-3 months): Major support 0.7015/00, once broken this will target 0.6571/41, the 2007 low."