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EUR/GBP needs to hold 0.7770 - RBS

FXStreet (Guatemala) - RBS analysts explained that the EUR/GBP pair has been in a downtrend, as it broken below 100-month MA with no reversal signals so far.

Key Quotes:

“However, it has reached a key long- and medium-term support area formed by 0.7770 Fibonacci retracement and 0.7762 wave projection from the Mar – Jun impulse wave”.

“This whole area of 0.7762 – 0.7777 gives a good support for the pair and marks an important milestone”.

“Should this be broken, further downside to 0.7556 onto 0.7389 and 0.7222 would be expected. In the near term, there may be some corrective moves from the 0.7770, hence it is important to watch out for a potential reversal pattern just above the level”.

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