EUR/GBP: staying negative below Sep lows – Commerzbank

By FXStreet FXStreet (Guatemala) – Karen Jones, chief analyst at commerzbank noted that the EUR/GBP outlook stays negative following the break below the 0.7198 September low.

Key Quotes:

“This confirms the 0.7492 high as an interim high. We suspect that very near term that the market will consolidate its losses, but intraday rallies are indicated to be likely to fail 0.7245/70.”

“We remain bearish and target the 0.6937 July low and the 38.2% retracement of the move from 1971 at 0.6915.”

“Major resistance continues to be seen at 0.7518/42 (this is the location of the previous 43 year uptrend, which should now act as resistance and the 2013-2015 downtrend). We will maintain our bearish view while capped here.”
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Source:: FX Street