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1 Feb 2016
EURGBP: Looks set to see a deeper correction – Lloyds Bank
FXStreet (Delhi) – Research Team at Lloyds Bank, suggests that the EURGBP has held key resistance in the 0.7765 region and looks set to see a deeper correction from a technical perspective to re-test key trend supports in the 0.7480/25 region.
Key Quotes
“We have developed an intra-day channel in this regard, with support lying around 0.7570-65 and resistance at 0.7685/90. Our bias is as mentioned for a break of that support confirming a move to the lower targets mentioned. A move back through 0.7690 would suggest the consolidation is already over and we are going to re-test the key resistance levels at 0.7765 and potentially open a new bear phase for the GBP towards next resistance at 0.7875.”
Key Quotes
“We have developed an intra-day channel in this regard, with support lying around 0.7570-65 and resistance at 0.7685/90. Our bias is as mentioned for a break of that support confirming a move to the lower targets mentioned. A move back through 0.7690 would suggest the consolidation is already over and we are going to re-test the key resistance levels at 0.7765 and potentially open a new bear phase for the GBP towards next resistance at 0.7875.”