27 Jul 2015
EUR/GBP could test 0.7221 – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, believes the cross could re-visit the area of 0.7220 (2015 downtrend).
Key Quotes
“EUR/GBP is correcting higher short term having recently sold off to the base of a 6 year channel at .6967. We are now seeing a robust rebound from here. Rebounds are capable of reaching the .7137 short term downtrend and there is scope for the .7221 2015 downtrend”.
“The base of the .6967 6 year down channel was our medium downside target and this together with the recent low at .6937 provide key support. This is the break down point to the .6571/41 the 2007 low”.
Key Quotes
“EUR/GBP is correcting higher short term having recently sold off to the base of a 6 year channel at .6967. We are now seeing a robust rebound from here. Rebounds are capable of reaching the .7137 short term downtrend and there is scope for the .7221 2015 downtrend”.
“The base of the .6967 6 year down channel was our medium downside target and this together with the recent low at .6937 provide key support. This is the break down point to the .6571/41 the 2007 low”.