25 Apr 2016
EUR/GBP remains exposed to further downside – Commerzbank
The perspective for European cross remains tilted to the downside, according to Senior Technical Analyst at Commerzbank Axel Rudolph.
Key Quotes
“Last week EUR/GBP slipped below the February high at .7927, the five month support line and the 55 day moving average at .7857”.
“We view the currency pair as having topped at .8116 and expect it to decline over the next few weeks, soon reaching the .7755/.7654 area. It is where the January high and the March low can be seen”.
“Immediate downside pressure will be maintained while no rise above last week’s high at .7992 occurs. Minor resistance below this level can be seen between the .7896 February 11, .7927”.
Key Quotes
“Last week EUR/GBP slipped below the February high at .7927, the five month support line and the 55 day moving average at .7857”.
“We view the currency pair as having topped at .8116 and expect it to decline over the next few weeks, soon reaching the .7755/.7654 area. It is where the January high and the March low can be seen”.
“Immediate downside pressure will be maintained while no rise above last week’s high at .7992 occurs. Minor resistance below this level can be seen between the .7896 February 11, .7927”.