EUR/GBP bearish below 0.7492 – Commerzbank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the outlook on the European cross remains on the bearish side below 0.7492.

    Key Quotes

    EUR/GBP has sold off to the .7027 4 month support line, we would allow for some consolidation ahead of further weakness and note the daily Elliott wave count is indicating a .7120/65 rally ahead of another leg lower”.

    “Initial resistance lies at .7196/98, the recent high, and major resistance continues to be seen at .7492 (this is the location of the 2013- 2015 downtrend)”.

    “We will maintain our bearish view while capped here. The Elliott wave count is implying a move to .7210/45 ahead of further weakness”.
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