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EUR/GBP still bearish below 0.7518/42 – Commerzbank

FXStreet (Edinburgh) - Despite yesterday’s strong upside, the bearish tone remains unchanged around the cross, according to Axel Rudolph, Senior Technical Analysis at Commerzbank.

Key Quotes

EUR/GBP we were expecting that the .7057 May low and the .7020 April 2006 high and the psychological .7000 mark, would hold the currency pair on the initial test”.

“What we did not expect however was a key day reversal. This suggests at the very least that we should exit remaining short positions”.

“Initial resistance lies at .7236 the 200 day ma and major resistance continues to be seen at .7518/42 (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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