4 Sep 2013
Flash: EUR/GBP could fall to 0.8285 – ANZ
FXstreet.com (Lisbon) - Tim Riddell, Head of Global Markets Research at ANZ analyzes the short-term outlook of the EUR/GBP and an impending correcting that may be looming.
Key quotes
“The EUR/GBP witnessed some palpable discomfort surrounding its push above the 0.8620 region in recent months. However, the 0.8670 (stops) level remained intact and the subsequent fall below 0.8560 has re-invigorated the potential for at least a retest 0.8400, and a measured move to 0.8350.”
“The acceleration in this down move could now extend to 0.8285 (50% of the range since mid 2012). A rebound above 0.8535 is now needed to reduce the current downside bias.”
Key quotes
“The EUR/GBP witnessed some palpable discomfort surrounding its push above the 0.8620 region in recent months. However, the 0.8670 (stops) level remained intact and the subsequent fall below 0.8560 has re-invigorated the potential for at least a retest 0.8400, and a measured move to 0.8350.”
“The acceleration in this down move could now extend to 0.8285 (50% of the range since mid 2012). A rebound above 0.8535 is now needed to reduce the current downside bias.”