20 Jul 2015
EUR/GBP could see a rebound short term – Commerzbank
FXStreet (Edinburgh) - The cross could see a small rebound in the near term, according to Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“EUR/GBP has sold off to the base of the base of a 6 year channel at .6967, there has been a minor erosion of this”.
“The intraday momentum indicators are showing oversold and very near term we would allow for a small rebound”.
“TD support comes in at .6930, the Elliott wave count at .6920 on the 240 minute, both imply that the downside is limited at this juncture and we would prefer to sell the rallies. Rebounds should struggle .7065”.
Key Quotes
“EUR/GBP has sold off to the base of the base of a 6 year channel at .6967, there has been a minor erosion of this”.
“The intraday momentum indicators are showing oversold and very near term we would allow for a small rebound”.
“TD support comes in at .6930, the Elliott wave count at .6920 on the 240 minute, both imply that the downside is limited at this juncture and we would prefer to sell the rallies. Rebounds should struggle .7065”.