29 Oct 2015
EUR/GBP still focused on 0.6937 – Commerzbank
FXStreet (Edinburgh) - In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross remains looking to the 0.6937 level.
Key Quotes
“EUR/GBP has seen a strong rejection from the 200 day ma at .7246. Intraday rallies are indicated to be likely to fail .7200/30. Our overall outlook stays negative and we target the .6937 July low and the 38.2% retracement of the move from 1971 at .6915
“Major resistance continues to be seen at .7518/42 (this is the location of the previous 43 year uptrend, which should now act as resistance and the 2013-2015 downtrend). We will maintain our bearish view while capped here”.
Key Quotes
“EUR/GBP has seen a strong rejection from the 200 day ma at .7246. Intraday rallies are indicated to be likely to fail .7200/30. Our overall outlook stays negative and we target the .6937 July low and the 38.2% retracement of the move from 1971 at .6915
“Major resistance continues to be seen at .7518/42 (this is the location of the previous 43 year uptrend, which should now act as resistance and the 2013-2015 downtrend). We will maintain our bearish view while capped here”.