Forex Flash: EUR/GBP technically bearish - Nomura

FXstreet.com (Barcelona) - Nomura Strategist Saeed Amen gives hive outlook of the EUR/GBP from a purely technical perspective.

Amen begins by highlighting his weekly target of 0.8000 for the pair. He notes that spot is higher on the week and he expects spot to decline in a ranging formation. RSI (14) has ticked much lower, indicating that spot has likely reached a short term high and Bollinger bandwidth has also come off considerably, suggesting that we are likely to remain range bound. Hence, he feels that a retracement within the range lower looks likely.

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