8 Aug 2013
Flash: EUR/GBP deep-seeded correction, or temporary pullback? – UBS
FXstreet.com (New York) - Head of Global Markets Research Tim Riddell at ANZ analyses the short-term outlook of the EUR/GBP.
Key quotes
“Though the recent push to 0.8770 has been relatively strong, the overlapping of price action underscores that this is more than likely a corrective rally.”
“A near-term slide below 0.8600-20 area should trigger a pullback to at least 0.8400 if not the deeper retracement level of 0.8285 if the slide gains pace. Even if support holds, further rebounds should falter in front of 0.8800 and provide a selling opportunity (stops above 0.8810).”
Key quotes
“Though the recent push to 0.8770 has been relatively strong, the overlapping of price action underscores that this is more than likely a corrective rally.”
“A near-term slide below 0.8600-20 area should trigger a pullback to at least 0.8400 if not the deeper retracement level of 0.8285 if the slide gains pace. Even if support holds, further rebounds should falter in front of 0.8800 and provide a selling opportunity (stops above 0.8810).”