EUR/GBP: Not ready for continuation of the downturn - Commerzbank
Date | 09-07-2019 - 04:18 PM
Article Type | Forex
Region | World
Commerzbank senior analyst Axel Rudolph said the EUR/GBP continues to test the 78.6% retracement of 0.8980, but there was no closing price above that, and so it is believed that the market continues its upward movement.
“Favour the idea of some further consolidation near term – the daily RSI has diverged and we continue to doubt upside intent.”
“The .8980/94 level is regarded as the last defence for .9120 December 2018 high. While capped by .8980/94 we are unable to rule out a slide back to the 200 day ma at .8783 and then the March high at .8723, ahead of another leg higher.”