Back
2 Apr 2015
Time to sell EUR/GBP - BofA
FXStreet (Bali) - MacNeil Curry, CFA, CMT, Technical Strategist at BofA Merrill Lynch, recommends sell EURGBP at market (now 0.7273), risk 0.7345, target 0.7000 & below.
Key Quotes
"As we mentioned yesterday, evidence says that €/£ is topping out and resuming its long term downtrend following the break of multi-week pivot / support at 0.7304/0.7295 and the turn of old support into new resistance at 0.7334/0.7343."
"Given this backdrop its time to go short. Through 0.7174/0.7166 confirms are turn to trend, targeting the Mar-11 lows at 0.7014 and below. Back above 0.7343 invalidates the immediate bearish setup."
Key Quotes
"As we mentioned yesterday, evidence says that €/£ is topping out and resuming its long term downtrend following the break of multi-week pivot / support at 0.7304/0.7295 and the turn of old support into new resistance at 0.7334/0.7343."
"Given this backdrop its time to go short. Through 0.7174/0.7166 confirms are turn to trend, targeting the Mar-11 lows at 0.7014 and below. Back above 0.7343 invalidates the immediate bearish setup."