EUR/GBP Bearish Below 0.7992 – Commerzbank
According to Axel Rudolph, Senior Technical Analyst at Commerzbank, the
European cross will keep its negative stance while below 0.7992.
Key Quotes
“EUR/GBP remains below the February high at .7927 and now tests the 55 day moving average at .7858”.
“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”.
