22 Jan 2015
Stay bearish EUR/GBP – BAML
FXStreet (Barcelona) - MacNeil Curry, CFA, CMT, Technical Strategist at Bank of America-Merrill Lynch, suggests staying bearish on the EUR/GBP pair, looking for a resumption of the bearish trend.
Key Quotes
“The gains from the 0.7596 low of Jan-16 have risen correctively. Into the 0.7705 area we look for a top and resumption of the larger bear trend to 0.7582/0.7539 and potentially below. As such, we are raising our trailing stop to 0.7715 from 0.7710; just above this morning’s spike high. Below 0.7650 says the downtrend is resuming, while a break of intra-day channel support at 0.7617 would confirm a resumption lower.”
Key Quotes
“The gains from the 0.7596 low of Jan-16 have risen correctively. Into the 0.7705 area we look for a top and resumption of the larger bear trend to 0.7582/0.7539 and potentially below. As such, we are raising our trailing stop to 0.7715 from 0.7710; just above this morning’s spike high. Below 0.7650 says the downtrend is resuming, while a break of intra-day channel support at 0.7617 would confirm a resumption lower.”