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14 May 2015
EUR/GBP: Sold off to channel's bottom - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained that EUR/GBP has sold off to the bottom of the channel.
Key Quotes:
"Which lies at 0.7147 today (we have re-drawn the channel)."
"The rebound from here is viewed as corrective and while rallies remain below the 0.7316 pivot line it will remain directly offered."
"A close below 0.7147 will act as the break down point to the .7118 April low and then the 0.7015 March low."
"Top of channel at 0.7482."
"Rallies will find initial resistance at 0.7316 and are expected to remain capped now by the 0.7482 top of the channel."
Key Quotes:
"Which lies at 0.7147 today (we have re-drawn the channel)."
"The rebound from here is viewed as corrective and while rallies remain below the 0.7316 pivot line it will remain directly offered."
"A close below 0.7147 will act as the break down point to the .7118 April low and then the 0.7015 March low."
"Top of channel at 0.7482."
"Rallies will find initial resistance at 0.7316 and are expected to remain capped now by the 0.7482 top of the channel."