FXstreet.com (Barcelona) - Commerzbank analysts expect the EUR/GBP to fall to 0.7950 (May low), break of which would lead towards the “2011-12 downtrend channel support line at 0.7885 en route to the 61.8% Fibonacci retracement of 2007-08 rise at 0.7786”, wrote analyst Karen Jones.
“Our outlook is negative and we view the sideways to higher consolidation seen since May as a bearish consolidation pattern”, Jones added, pointing to resistance at 0.8043 and 0.8090 (55-day MA), while keeping bulls off play at 0.8162 (38.2% Fib).
“Our outlook is negative and we view the sideways to higher consolidation seen since May as a bearish consolidation pattern”, Jones added, pointing to resistance at 0.8043 and 0.8090 (55-day MA), while keeping bulls off play at 0.8162 (38.2% Fib).
