15 Jul 2015
EUR/GBP: 0.6957 guards 2007 lows - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained that EUR/GBP has recently seen a strong reversal just ahead of the 0.7260, the 2015 resistance line.
Key Quotes:
"This has increased downwards pressure - the 0.7057 May low has been eroded and the 0.6990 June low is exposed. Below here lies the base of a 6 year channel at 0.6967. Intraday rallies are likely to now remain capped 0.7110 The market has recently charted a key day reversal from the base of the 0.6957 6 year down channel. This was our medium downside target and it is possible that it will again hold. This is the break down point to the 0.6571/41 the 2007 low."
Key Quotes:
"This has increased downwards pressure - the 0.7057 May low has been eroded and the 0.6990 June low is exposed. Below here lies the base of a 6 year channel at 0.6967. Intraday rallies are likely to now remain capped 0.7110 The market has recently charted a key day reversal from the base of the 0.6957 6 year down channel. This was our medium downside target and it is possible that it will again hold. This is the break down point to the 0.6571/41 the 2007 low."