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28 Jan 2015
EUR/GBP bears looking for a break of 43 year uptrend - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank noted that EUR/GBP continues to see a minor recovery near term – the market has recently sold off to the 0.7445 43 year uptrend.
Key Quotes:
"This has been partly eroded, but we have yet to see a close below here, we are also holding over the base of a 5-year down channel at 0.7392. Following such an extensive sell off we would allow for some near term consolidation ahead of further weakness."
"Below 0.7390 would introduce scope to 0.7235/25 an inter-year pivot."
"The market will remain directly offered below the 0.7713/67 region (October 2014 low)."
"Key resistance remains the 0.7935 2013-2015 downtrend."
Key Quotes:
"This has been partly eroded, but we have yet to see a close below here, we are also holding over the base of a 5-year down channel at 0.7392. Following such an extensive sell off we would allow for some near term consolidation ahead of further weakness."
"Below 0.7390 would introduce scope to 0.7235/25 an inter-year pivot."
"The market will remain directly offered below the 0.7713/67 region (October 2014 low)."
"Key resistance remains the 0.7935 2013-2015 downtrend."