EUR/GBP outlook is extremely favourable - Natixis

EUR/GBP outlook is extremely favourable, the pair having broken above several major resistance levels at 0.8750 (weekly parabolic) and around 0.8787-0.88 (upper band of daily Bollinger) suggests the analysis team at Natixis.

Key Quotes

“An ascending channel has developed in the daily chart, weekly volatility has picked up and weekly indicators are upbeat, all of which also suggests the pair has significant upside potential.”

“In this context, the EUR/GBP is expected to head towards 0.8865-0.8880 (ascending resistance trendline) before 0.8933-0.8946 (Fibonacci projections) and 0.8993-0.90 (descending resistance trendline). A test of the resistance around 0.9038-0.9050 (upper band of quarterly Bollinger) is also on the cards.”

"Take advantage of pullbacks towards 0.8750 to buy the EUR/GBP, with 0.90 as the major target (setting the stop loss below 0.87)."

Jun 12, 2017

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