Eur/gbp Weekly Technicals

Eur/gbp Weekly Technicals


Quotes from RBS:
-Still the same theme exists and that is that the market looks a good sell on rallies towards 0.8222. Should the market enter a ranging period similar to that of Q1 of this year then look to the break of 0.7951 as a trigger for its ending.
-The market looks in increasing danger of establishing another ranging period between the recent low at 0.7951 and the previous significant Jan '12 low at 0.8222. This was the dominant feature of price action for the whole of Q1 until the break out in the week beginning the 02nd April '12. The break out bias from this range is still to the downside and the longer term objective still lies down at 0.7695. For people looking to take positions I (analyst) would recommend shorts with stops above the strong resistance at 0.8222 targeting 0.7695.


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