FXstreet.com (San Francisco) - EUR/GBP slipped to a fresh 4-year low this Friday, reaching 0.7767 as the primary bear trend bias dominates and remains very strong.
“We still think that the May/June consolidation breakdown suggests that this market is prone to repeating the scale and scope of the 0.85/0.7950 drop over the next 3-6 months (i.e. a drop to the 0.7450/0.75 area),” says TD Securities. “We expect only limited scope for rebounds from here – key short-term resistance is 0.7950/55.” EUR/GBP has ended down 0.9% this week, its third successive week of losses.
“We still think that the May/June consolidation breakdown suggests that this market is prone to repeating the scale and scope of the 0.85/0.7950 drop over the next 3-6 months (i.e. a drop to the 0.7450/0.75 area),” says TD Securities. “We expect only limited scope for rebounds from here – key short-term resistance is 0.7950/55.” EUR/GBP has ended down 0.9% this week, its third successive week of losses.
