3 Sep 2013
Flash: EUR/GBP could see retreat towards 200-day MA at 0.8366 – Commerzbank
FXstreet.com (Lisbon) - Karen Jones, an analyst at Commerzbank looks at the EUR/GBP and its recent weakening and retreat towards early summer lows.
Key quotes
The EUR/GBP has sold off to the 0.8470 level as of late (June low). “While it is possible that this will hold the initial test, we look for rallies to now remain capped by the 0.8526 previous 2012-2013 uptrend (this should now act as resistance).”
Ultimately, “We look for intraday rallies to be capped by 0.8500/15 for another leg down to the 0.8399 2013 low and 0.8366 the 200-week MA.”
Key quotes
The EUR/GBP has sold off to the 0.8470 level as of late (June low). “While it is possible that this will hold the initial test, we look for rallies to now remain capped by the 0.8526 previous 2012-2013 uptrend (this should now act as resistance).”
Ultimately, “We look for intraday rallies to be capped by 0.8500/15 for another leg down to the 0.8399 2013 low and 0.8366 the 200-week MA.”