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Oct 23, 2015
EUR/GBP below 0.7200 and bearish - Commerzbank
FXStreet (Guatemala) - Following the dovish ECB, Karen Jones, chief analyst at Commerzbank explained the technical picture for EUR/GBP.
Key Quotes:
"Following the markets recent rejection from 0.7492 we continue to view that as an interim top. We are bearish and once below 0.7198 we shall consider that the market is on track for 0.6937 July low (favoured). We do have a 13 count on the 240 minute chart and would allow for a rebound to 0.7250/95 ahead of further weakness."
Key Quotes:
"Following the markets recent rejection from 0.7492 we continue to view that as an interim top. We are bearish and once below 0.7198 we shall consider that the market is on track for 0.6937 July low (favoured). We do have a 13 count on the 240 minute chart and would allow for a rebound to 0.7250/95 ahead of further weakness."