14 Jul 2015
EUR/GBP downside technicals favour below 0.7000 - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained that there are increased pressures to the downside in EUR/GBP.
Key Quotes:
"EUR/GBP has seen a strong reversal just ahead of the 0.7270, the 2015 resistance line. This has increased downwards pressure and leaves the 0.7057 May low and the 0.6990 June low exposed."
"Below here lies the base of a 6 year channel at 0.6967. Intraday rallies are likely to now remain capped 0.7218 The market has recently charted a key day reversal from the base of the 0.6957 6 year down channel."
"This was our medium downside target and it is possible that it will again hold. This is the break down point to the 0.6571/41 the 2007 low."
Key Quotes:
"EUR/GBP has seen a strong reversal just ahead of the 0.7270, the 2015 resistance line. This has increased downwards pressure and leaves the 0.7057 May low and the 0.6990 June low exposed."
"Below here lies the base of a 6 year channel at 0.6967. Intraday rallies are likely to now remain capped 0.7218 The market has recently charted a key day reversal from the base of the 0.6957 6 year down channel."
"This was our medium downside target and it is possible that it will again hold. This is the break down point to the 0.6571/41 the 2007 low."