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9 Sep 2013
Flash: EUR/GBP top formed at 0.8768
FXstreet.com (London) - Karen Jones, Chief Analyst at Commerzbank notes the top of the EUR/GBP and subsequent indications.
Key Quotes:
“A top has been formed at .8768 in early August”.
“Last week EUR/GBP briefly dropped through its April 2013 low at .8399 to .8393 before rising back above this level. Any rebounds will find initial resistance offered by the June low at .8470 and stronger resistance at .8533”.
“Longer term the market has reversed from the top of a 4 year channel and longer term downside targets of 0.8280/0.8155/0.7980 have been introduced (Fibonacci retracements of the move up from 2012)”.
Key Quotes:
“A top has been formed at .8768 in early August”.
“Last week EUR/GBP briefly dropped through its April 2013 low at .8399 to .8393 before rising back above this level. Any rebounds will find initial resistance offered by the June low at .8470 and stronger resistance at .8533”.
“Longer term the market has reversed from the top of a 4 year channel and longer term downside targets of 0.8280/0.8155/0.7980 have been introduced (Fibonacci retracements of the move up from 2012)”.