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EUR/GBP door open for a re-test of 0.7567 – Commerzbank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Axel Rudolph, Senior Technical Analyst at Commerzbank, believes the European cross could re-visit 0.7567.

    Key Quotes

    EUR/GBP retests its breached four month uptrend line at .7815 around which it is expected to struggle. We thus suspect that near term rebounds will remain shallow”.

    “The risk is that we will see further weakness to .7567, the 38.2% retracement and potentially .7455, the 50% retracement”.

    “The market increasingly looks to have topped here and we will for now stick with our neutral forecast”.
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