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26 Jan 2015
EUR/GBP sell-off reaches the 43 year uptrend – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, notes that EUR/GBP sell-off has reached the 43 year uptrend at 0.7445, adding that the pair might see some consolidation before resuming lower.
Key Quotes
“EUR/GBP has sold off to the .7445 43 year uptrend. This has been partly eroded, but we have yet to see a close below here, we are also at 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 .7390 would introduce scope to .7235/25 an inter-year pivot.”
“The market will remain directly offered below the .7713/67 region (October 2014 low). Key resistance remains the .7945 2013-2015downtrend.”
Key Quotes
“EUR/GBP has sold off to the .7445 43 year uptrend. This has been partly eroded, but we have yet to see a close below here, we are also at 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 .7390 would introduce scope to .7235/25 an inter-year pivot.”
“The market will remain directly offered below the .7713/67 region (October 2014 low). Key resistance remains the .7945 2013-2015downtrend.”