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23 Oct 2015
EUR/GBP bearish below 0.7535/42 – Commerzbank
FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued the bearish sentiment remains in the cross while capped by the 0.7535/42 area.
Key Quotes
“EUR/GBP has sold off aggressively and has sold off to the .7198 September low. Following the markets recent rejection from .7492 and we continue to view that as an interim top. We are bearish and once below .7198 we shall consider that the market is on track for .6937 July low (favoured)”.
“Major resistance continues to be seen at .7535/42 (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 sold off aggressively and has sold off to the .7198 September low. Following the markets recent rejection from .7492 and we continue to view that as an interim top. We are bearish and once below .7198 we shall consider that the market is on track for .6937 July low (favoured)”.
“Major resistance continues to be seen at .7535/42 (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”.