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13 Apr 2015
EUR/GBP bearish for 0.7060/65 – TDS
FXStreet (Barcelona) - Weekly charts remain in favour of a bearish reversal for EUR/GBP, and the short-term double top on daily charts suggests the pair has further room to the downside towards 0.7060/65, explain FX Strategists at TD Securities.
Key Quotes
“EURGBP’s trend decline moderated through late March but the cross looks to have set a short-term (at least) top near 0.74, with recent gains capped by retracement (38.2% Fibonacci of the 0.80/0.70 drop) and channel resistance.”
“Weekly price signals suggest a bear reversal and daily patterns imply a short-term double top formed at 0.7392; a break under the neckline trigger (0.7224) targets a drop to 0.7060/65 on a 1-2 week view.”
“Trend momentum studies are bearish across a range of timeframes, suggesting that lower levels—a resumption of the broader bear move—are very likely at this point.”
“Look to fade limited counter-trend corrections.”
Key Quotes
“EURGBP’s trend decline moderated through late March but the cross looks to have set a short-term (at least) top near 0.74, with recent gains capped by retracement (38.2% Fibonacci of the 0.80/0.70 drop) and channel resistance.”
“Weekly price signals suggest a bear reversal and daily patterns imply a short-term double top formed at 0.7392; a break under the neckline trigger (0.7224) targets a drop to 0.7060/65 on a 1-2 week view.”
“Trend momentum studies are bearish across a range of timeframes, suggesting that lower levels—a resumption of the broader bear move—are very likely at this point.”
“Look to fade limited counter-trend corrections.”