13 Feb 2015
EUR/GBP: Allowing for further upside to 0.7540 - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank noted that EUR/GBP has seen a small erosion of the base of a 5 year down channel at 0.7386.
Key Quotes:
"The new low of 0.7373 has not been confirmed by the daily RSI and we would allow for a retracement to 0.7540 ahead of further weakness."
"The market has held 0.7370 the 200 month ma this guards0.7235/25 an inter-year pivot."
"The Elliott wave count on the daily suggests that there is scope for a deeper retracement to 0.7710/.7912, but the intraday charts are more negative and we continue to favour the downside."
"The market will remain directly offered below the 0.7713/67 region (October 2014 low). Key resistance remains the 0.7914 2013-2015 downtrend."
Key Quotes:
"The new low of 0.7373 has not been confirmed by the daily RSI and we would allow for a retracement to 0.7540 ahead of further weakness."
"The market has held 0.7370 the 200 month ma this guards0.7235/25 an inter-year pivot."
"The Elliott wave count on the daily suggests that there is scope for a deeper retracement to 0.7710/.7912, but the intraday charts are more negative and we continue to favour the downside."
"The market will remain directly offered below the 0.7713/67 region (October 2014 low). Key resistance remains the 0.7914 2013-2015 downtrend."