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EUR/GBP bearish below 0.7535/42 – Commerzbank

FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the bearish outlook remains intact on the European cross while capped by the 0.7535/42 band.

Key Quotes

EUR/GBP somewhat disappointed by the lack of follow through yesterday following the demise of the short term uptrend. Last week we saw emphatic rejection from .7492 and we view the market as an interim top”.

“Ideally we would like to see a close below the 55 and 200 day ma at .7293/60 and the September low at .7198 to refocus attention on the downside to the .6937 July low (favoured)”.

“Major resistance continues to be seen at .7535/42 (this is the location of the previous 43 year uptrend, which should now act as resistance and the 2013-2015 downtrend). We will maintain our bearish view while capped here”.

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