22 Jul 2015
EUR/GBP bearish below 0.7159 – Commerzbank
FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the perspective for the cross remains negative below the 0.7159 downtrend.
Key Quotes
“EUR/GBP as warned the market has seen recovery off the base of a 6 year channel at .6967. Rebounds should struggle .7065 and ideally remain contained by the .7159 short term downtrend”.
“The base of the .6967 6 year down channel was our medium downside target and this together with the recent low at .6937 provide key support. This is the break down point to the .6571/41 the 2007 low”.
Key Quotes
“EUR/GBP as warned the market has seen recovery off the base of a 6 year channel at .6967. Rebounds should struggle .7065 and ideally remain contained by the .7159 short term downtrend”.
“The base of the .6967 6 year down channel was our medium downside target and this together with the recent low at .6937 provide key support. This is the break down point to the .6571/41 the 2007 low”.