10 Jul 2015
EUR/GBP: Bullish bias above May low - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained that EUR/GBP has seen a sharp rally to the 55 day ma at 0.7202 around which it currently stalls.
Key Quotes:
"The currency pair nonetheless looks quite directional and the risks have increased for a challenge to 0.7275, the 2015 resistance line. Dips should find initial support at 0.7185/55 ahead of the 0.7057 May low. The market has recently charted a key day reversal from the base of the 0.6985 6 year down channel. This was our medium downside target.
Key Quotes:
"The currency pair nonetheless looks quite directional and the risks have increased for a challenge to 0.7275, the 2015 resistance line. Dips should find initial support at 0.7185/55 ahead of the 0.7057 May low. The market has recently charted a key day reversal from the base of the 0.6985 6 year down channel. This was our medium downside target.