EUR/GBP Potential ‘Head and Shoulders’ Pattern ahead? – Commerzbank
18 May 2016, 12:04
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EUR/GBP Potential ‘Head and Shoulders’ Pattern ahead? – Commerzbank
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested
the likeliness that the cross could be developing a ‘Head and Shoulders’
pattern.
Key Quotes
“EUR/GBP after
sitting all week just below the .7930/45 highs seen in February and
March the market has finally failed and we suspect is developing a
potential head and shoulders pattern”.
“This will only be confirmed on a close below the neckline at .7773.
Failure here should trigger losses to the .7740 April low and .7654, the
March low”.
