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27 May 2014
EUR/GBP bearish outlook remains intact – Commerzbank
FXStreet (Edinburgh) - In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the EUR/GBP looks well poised to test lower levels.
Key Quotes
“EUR/GBP is seeing some near term consolidation after a week of sharp losses”.
“The focus remains on the 2010 low at .8067. Our target remains 0.7983, the 78.6% retracement of the move from 2012”.
“We note that the daily RSI is low, and has not confirmed the recent low”.
“Rallies will have no impact whatsoever while capped by .8189/92, the end of February low and the 2 month downtrend”.
Key Quotes
“EUR/GBP is seeing some near term consolidation after a week of sharp losses”.
“The focus remains on the 2010 low at .8067. Our target remains 0.7983, the 78.6% retracement of the move from 2012”.
“We note that the daily RSI is low, and has not confirmed the recent low”.
“Rallies will have no impact whatsoever while capped by .8189/92, the end of February low and the 2 month downtrend”.