12 Aug 2015
EUR/GBP: negative below 0.7162 – Commerzbank
FXStreet (Edinburgh) - Axel Rudolph, Senior Technical Analyst at Commerzbank, reiterates the negative outlook on the cross as long as it trades below the 0.7162 downtrend line.
Key Quotes
“EUR/GBP’s last few days’ up surge has taken it close to the 55 day moving average at .7126. Between it and the .7158 late July low we expect the current advance to peter out”.
“A longer term negative bias will stay entrenched below the 2015 downtrend. It is currently located at .7162”.
“As long as it caps, a slip back below Tuesday’s low at .7040 should be seen with the .6990 June low then being back on the map. Further down lurks the July low at .6937. The .6952/37 area will act as the break down point to the .6541 2007 low”.
Key Quotes
“EUR/GBP’s last few days’ up surge has taken it close to the 55 day moving average at .7126. Between it and the .7158 late July low we expect the current advance to peter out”.
“A longer term negative bias will stay entrenched below the 2015 downtrend. It is currently located at .7162”.
“As long as it caps, a slip back below Tuesday’s low at .7040 should be seen with the .6990 June low then being back on the map. Further down lurks the July low at .6937. The .6952/37 area will act as the break down point to the .6541 2007 low”.