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28 Jan 2015
EUR/GBP clearly bearish – Varengold
FXStreet (Barcelona) - According to the Varengold Bank Research Team, technicals suggest that EUR/GBP is clearly bearish, expecting the pair to hold the key support at 0.7214 levels.
Key Quotes
“Technically, the EURGBP is clearly bearish, once broken the long term uptrend-line.”
“At the moment, this pair is close to the low side of a downtrend channel, coincident with a very important support in the area of 0.7214. As a most probably scenario, the pair should not be able to cross this level easily, being possible a pull back to the mentioned broken long term uptrend- line, or even higher, to the resistance of 0.8065.”
“However, if this first support is finally broken, the 0.6540 level should also work as an important support.”
Key Quotes
“Technically, the EURGBP is clearly bearish, once broken the long term uptrend-line.”
“At the moment, this pair is close to the low side of a downtrend channel, coincident with a very important support in the area of 0.7214. As a most probably scenario, the pair should not be able to cross this level easily, being possible a pull back to the mentioned broken long term uptrend- line, or even higher, to the resistance of 0.8065.”
“However, if this first support is finally broken, the 0.6540 level should also work as an important support.”