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2 Mar 2015
EUR/GBP mired in the negative territory – TDS
FXStreet (Edinburgh) - Strategists at TD Securities remarked the persistent bearish outlook in the European cross.
Key Quotes
“EURGBP remains a strong, bearish technical story”.
“EURGBP’s break under major support at 0.77/0.78 heralded a regime change for the cross and losses this week have effectively realized our short-term bear target at 0.73”.
We continue to see downside potential near-term though; assuming a bear flag consolidation over the turn of last month, a repeat of the January drop from 0.7875/0.7405 suggests near-term potential to 0.7000/25 in the next few weeks”.
“Note trend momentum signals are strongly bearish on the daily charts (6-hour and weekly also), meaning minor EURGBP gains are a sell”.
Key Quotes
“EURGBP remains a strong, bearish technical story”.
“EURGBP’s break under major support at 0.77/0.78 heralded a regime change for the cross and losses this week have effectively realized our short-term bear target at 0.73”.
We continue to see downside potential near-term though; assuming a bear flag consolidation over the turn of last month, a repeat of the January drop from 0.7875/0.7405 suggests near-term potential to 0.7000/25 in the next few weeks”.
“Note trend momentum signals are strongly bearish on the daily charts (6-hour and weekly also), meaning minor EURGBP gains are a sell”.