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EUR/GBP Could Slip Towards 0.7755/0.7654 – Commerzbank
The European cross remains poised for a re-test of the 0.7755/0.7654
band, according to Axel Rudolph, Senior Technical Analyst at
Commerzbank.
Key Quotes
“EUR/GBP remains below the February high at .7927 and nears the 55 day moving average at .7855”.
“We
view the currency pair as having topped at .8116 and expect it to
decline over the next few weeks, eventually reaching the .7755/.7654
area”.
“It is where the January high and the March low can be
seen. Immediate downside pressure will be maintained while no rise above
this week’s high at .7992 occurs”.
