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Instrument: EURGBP
Technical Analysis
Bullish Preference:
A buy position is envisaged if the price trades above 0.86569 with take profit at 0.86661
Bearish Preference:
A sell position is envisaged if the price trades below 0.86422 with take profit at 0.86338
Fundamentals:
None with High Impact
Comment:
The euro is beginning to look a bit oversold at least against the GBP ahead of key Euro area inflation data, opening the door for a minor rebound. However, the pace and the extent of the fall this month have raised the bar for a sustained move higher in the single currency. The stall in the downtrend could be a sign of delayed decline, rather than a reversal inEUR/GBP’s fortunes. The cross would need to rise above immediate resistance at 0.8750 for the bearishness to fade. Until then, the bias remains for a move toward the December low of 0.8545.
Analysis: SCRUM Team
