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17 Apr 2015
EUR/GBP might retest 0.7050 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, believes that EUR/GBP might retest 0.7050 levels, with technicals supporting the bearish view.
Key Quotes
“From a technical point of view, it is interesting to note that the pair has repeatedly failed to rise back above the double top neckline resistance at 0.7221.”
“The daily and the weekly RSI are well above the oversold region, but below 50.00 levels as well, indicating further room for sell‐off.”
“On monthly charts too, the pair was rejected around 5‐MA currently located at 0.7388, after which the sell‐off was extended. Hence, there is a high possibility of the pair extending its losses over the next two‐weeks to 0.7050 levels.”
Key Quotes
“From a technical point of view, it is interesting to note that the pair has repeatedly failed to rise back above the double top neckline resistance at 0.7221.”
“The daily and the weekly RSI are well above the oversold region, but below 50.00 levels as well, indicating further room for sell‐off.”
“On monthly charts too, the pair was rejected around 5‐MA currently located at 0.7388, after which the sell‐off was extended. Hence, there is a high possibility of the pair extending its losses over the next two‐weeks to 0.7050 levels.”