29 Aug 2013
Flash: EUR/GBP headed to 0.8400 – ANZ
FXstreet.com (New York) - Tim Riddell, Head of Global Markets Research at ANZ analyzes the short-term outlook of the EUR/GBP.
Key quotes
“Despite rebounds above 0.8600 area, recent slights have been seen as corrective, despite a supportive turn in momentum. Any prolonged pullback below 0.8560 should now trigger another down-leg to retest 0.8400 within anticipated measured moves to 0.8350.”
“Some minor stops may have been triggered by the breach of 0.8620, but a close above 0.8670 would be needed to alter the current favored profile.”
Key quotes
“Despite rebounds above 0.8600 area, recent slights have been seen as corrective, despite a supportive turn in momentum. Any prolonged pullback below 0.8560 should now trigger another down-leg to retest 0.8400 within anticipated measured moves to 0.8350.”
“Some minor stops may have been triggered by the breach of 0.8620, but a close above 0.8670 would be needed to alter the current favored profile.”