5 Aug 2015
EUR/GBP bearish below downtrend at 0.7186 - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbanknoted the technical conditions surrounding EUR/GBP.
Key Quotes:
"EUR/GBP has failed at the 55 day ma at 0.7127, and the 0.7186 2015 downtrend, and is back under pressure. The market has recently sold off to the base of a 6-year down channel and it is possible that this 0.6937/67 zone will again hold. This is key support – it will act as the break down point to the 0.6571/41 the 2007 low.
Downtrend at 0.7186
A longer term negative bias is entrenched below the 2015 downtrend, this is located at 0.7186."
Key Quotes:
"EUR/GBP has failed at the 55 day ma at 0.7127, and the 0.7186 2015 downtrend, and is back under pressure. The market has recently sold off to the base of a 6-year down channel and it is possible that this 0.6937/67 zone will again hold. This is key support – it will act as the break down point to the 0.6571/41 the 2007 low.
Downtrend at 0.7186
A longer term negative bias is entrenched below the 2015 downtrend, this is located at 0.7186."