18 May 2015
EUR/GBP: Upside potential while above 0.7122 - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained that EUR/GBP continues to see a minor recovery from the base of the channel.
Key Quotes:
"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 0.7325 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 0.7490."
"Rallies will find initial resistance at 0.7325 and are expected to remain capped now by the .7493 top of the channel."
Key Quotes:
"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 0.7325 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 0.7490."
"Rallies will find initial resistance at 0.7325 and are expected to remain capped now by the .7493 top of the channel."