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19 May 2015
EUR/GBP bears headed towards H&S neck-line
FXStreet (Guatemala) - EUR/GBP is currently trading at 0.7186 with a high of 0.7232 and a low of 0.7150.
EUR/GBP has been taken back to the downside with the euro shunned on the back of recent comments from the ECB’s Coeuré who woke up a sleepy market earlier with an announcement that the ECB would be “moderately” front-loading QE purchases in May and June, as noted by analysts at Brown Brothers Harriman. The move was mostly seen through the major of over 1.5%, leaving the cross notably offered short-term while Sterling's upside looks limited and the downside has crystallised once again on the flows.
Technically, however, the cross remains bullish above the neck line of the head and shoulders and in order to reassert downside pressure a close below the 0.7122/18 April low is needed, as noted by Karen Jones, chief analyst at Commerzbank.
EUR/GBP has been taken back to the downside with the euro shunned on the back of recent comments from the ECB’s Coeuré who woke up a sleepy market earlier with an announcement that the ECB would be “moderately” front-loading QE purchases in May and June, as noted by analysts at Brown Brothers Harriman. The move was mostly seen through the major of over 1.5%, leaving the cross notably offered short-term while Sterling's upside looks limited and the downside has crystallised once again on the flows.
Technically, however, the cross remains bullish above the neck line of the head and shoulders and in order to reassert downside pressure a close below the 0.7122/18 April low is needed, as noted by Karen Jones, chief analyst at Commerzbank.