9 Mar 2015
EUR/GBP downtrend accelerated below 0.7150 – TDS
FXStreet (Edinburgh) - According to strategists at TD Securities, the cross could see its decline intensified if 0.7150 is breached.
Key Quotes
“EURGBP has made a little more progress lower this week (we target 0.7000/25 in the next few weeks as a result of the early February bear flag breakdown)”.
“Price action suggests nothing other than weakness ahead. Trend momentum remains strongly bearish across a range of timeframes which should mean limited (mid/upper 0.72s) upside potential near-term”.
“We are a little concerned about the narrowing, descending range that seems to be developing, however, as this could mean the downturn is losing momentum”.
“Above 0.7280/85 eases near-term bear pressure. But below 0.7150 will mean an acceleration in the slide”.
Key Quotes
“EURGBP has made a little more progress lower this week (we target 0.7000/25 in the next few weeks as a result of the early February bear flag breakdown)”.
“Price action suggests nothing other than weakness ahead. Trend momentum remains strongly bearish across a range of timeframes which should mean limited (mid/upper 0.72s) upside potential near-term”.
“We are a little concerned about the narrowing, descending range that seems to be developing, however, as this could mean the downturn is losing momentum”.
“Above 0.7280/85 eases near-term bear pressure. But below 0.7150 will mean an acceleration in the slide”.