7 Mar 2016
EUR/GBP focus remains on 0.7565 – Commerzank
In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross remains poised for a re-test of 0.7565.
Key Quotes
“EUR/GBP is seeing a very small bounce from the 23.6% retracement at 0.7702, having recently severed its uptrend and reversed just ahead of the 200 week ma, we suspect that near term rebounds will remain shallow”.
“The risk is this week that we will see further weakness to .7565, 38.2% retracement and potentially 0.7454, the 50% retracement”.
“The market increasingly looks to have topped here and we will for now neutralise our forecast”.
Key Quotes
“EUR/GBP is seeing a very small bounce from the 23.6% retracement at 0.7702, having recently severed its uptrend and reversed just ahead of the 200 week ma, we suspect that near term rebounds will remain shallow”.
“The risk is this week that we will see further weakness to .7565, 38.2% retracement and potentially 0.7454, the 50% retracement”.
“The market increasingly looks to have topped here and we will for now neutralise our forecast”.