10 Nov 2015
EUR/GBP: strong resistance expected at 0.7210/45 – Commerzbank
FXStreet (Edinburgh) - In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, occasional bullish attempts in the cross could struggle around 0.7210/45.
Key Quotes
“No change - EUR/GBP charted a key day reversal on Thursday from .7043, and we have already seen a strong rebound from here”.
“Currently the Elliott wave is suggesting that the bounce is corrective only and is likely to terminate circa .7210/45. Initial resistance lies at .7231, the 200 day ma, and major resistance continues to be seen at .7502 (this is the location of the 2013-2015 downtrend). We will maintain our bearish view while capped here”.
Key Quotes
“No change - EUR/GBP charted a key day reversal on Thursday from .7043, and we have already seen a strong rebound from here”.
“Currently the Elliott wave is suggesting that the bounce is corrective only and is likely to terminate circa .7210/45. Initial resistance lies at .7231, the 200 day ma, and major resistance continues to be seen at .7502 (this is the location of the 2013-2015 downtrend). We will maintain our bearish view while capped here”.