26 Jun 2014
EUR/GBP: Firm downtrend but missing decisive break below 0.7961 - JPMorgan
FXStreet (Bali) - Thomas Anthonj, FX Strategist at JPMorgan, shares his view on the EUR/GBP, noting that it's still missing a decisive break to get the bear trend back into healthy motion.
Key Quotes
"EUR/GBP is like Cable still missing a decisive break below key-pivotal support at 0.7961 which would open the way for an extension to 0.7755/44 (2012 low/50 %). Above 0.7961, the risk of bouncing up to key-T-junctions at 0.8126 if not to 0.8270 (int. 38.2 % on 2 different scales) persists. It would take breaks above these barriers though to really dent the long- term downtrend."
Key Quotes
"EUR/GBP is like Cable still missing a decisive break below key-pivotal support at 0.7961 which would open the way for an extension to 0.7755/44 (2012 low/50 %). Above 0.7961, the risk of bouncing up to key-T-junctions at 0.8126 if not to 0.8270 (int. 38.2 % on 2 different scales) persists. It would take breaks above these barriers though to really dent the long- term downtrend."