10 Mar 2016
EUR/GBP neutral stance still persists – Commerzbank
In view of Axel Rudolph, Senior Technical Analyst at Commerzbank, the cross keeps the neutral stance for the time being.
Key Quotes
“EUR/GBP retested but was rejected by the breached four month uptrend line at .7827”.
“The risk remains that we will see further weakness to .7567, the 38.2% retracement and potentially .7455, the 50% retracement”.
“EUR/GBP increasingly looks to have topped here and we will for now stick with our neutral forecast. Key resistance is the recent high of .7927 and the .7936 200 week moving average”.
Key Quotes
“EUR/GBP retested but was rejected by the breached four month uptrend line at .7827”.
“The risk remains that we will see further weakness to .7567, the 38.2% retracement and potentially .7455, the 50% retracement”.
“EUR/GBP increasingly looks to have topped here and we will for now stick with our neutral forecast. Key resistance is the recent high of .7927 and the .7936 200 week moving average”.