10 Feb 2015
EUR/GBP: Looking for a major selloff to 0.7152
FXStreet (Guatemala) - EUR/GBP is currently trading at 0.7416 with a high of 0.7446 and a low of 0.7408.
EUR/GBP continues on its downward trajectory around seven year lows, moving further away from any prospects of achieving the 0.80 handle that the pair started to lose in June last year. Analysts at RBS noted that the pair has been testing the 0.7390 long-term support level, but staining in a range, in line with our expectations.
"However the picture is about to change in the next week or two, as the price failed to recover above 0.7600 and MACD stayed negative. If the 0.7390 level is broken (which is my bias), it will be a strong signal for a major selloff to the next key support of 0.7152."
EUR/GBP continues on its downward trajectory around seven year lows, moving further away from any prospects of achieving the 0.80 handle that the pair started to lose in June last year. Analysts at RBS noted that the pair has been testing the 0.7390 long-term support level, but staining in a range, in line with our expectations.
"However the picture is about to change in the next week or two, as the price failed to recover above 0.7600 and MACD stayed negative. If the 0.7390 level is broken (which is my bias), it will be a strong signal for a major selloff to the next key support of 0.7152."