18 Feb 2015
EUR/GBP: bearish below 0.77 handle - CB
FXStreet (Guatemala) - Karen Jones, chief analysts at Commerzbank noted the conditions surrounding the EUR/GBP cross.
Key Quotes:
"Support at 0.7370 guards.7235/25 an inter-year pivot. The Elliott wave count on the daily suggests that there is scope for a deeper retracement to 0.7700/0.7905, but the intraday charts are more neutral suggesting a short term upside correction is likely to be laborious."
"The market will remain directly offered below the 0.7713/67 region (October 2014 low). Key resistance remains the 0.7902 2013-2015 downtrend."
Key Quotes:
"Support at 0.7370 guards.7235/25 an inter-year pivot. The Elliott wave count on the daily suggests that there is scope for a deeper retracement to 0.7700/0.7905, but the intraday charts are more neutral suggesting a short term upside correction is likely to be laborious."
"The market will remain directly offered below the 0.7713/67 region (October 2014 low). Key resistance remains the 0.7902 2013-2015 downtrend."