Forex Flash: EUR/GBP ceiling holding for now – RBS
Forex pairs in this Article »
EUR/GBP
FXstreet.com (Barcelona) - William Moore, Technical Markets Strategist at RBS has taken a look at EURGBP from a technical perspective.
Moore begins by asking whether something can "fail perfectly?" If so, he suggests that EUR may have done just that at the back end of last week as it approach the polarity level and key resistance at 0.8156/63.
He passionately believes that this will provide a long term ceiling for the pair and we will not manage to trade above that for at least Q1 of next year, perhaps even longer. He writes, "So this is a purely longer term trade but stop losses on short positions have to be above the 0.8163 level at 0.8200 and target 0.7757 onto 0.7695 potentially."
Moore begins by asking whether something can "fail perfectly?" If so, he suggests that EUR may have done just that at the back end of last week as it approach the polarity level and key resistance at 0.8156/63.
He passionately believes that this will provide a long term ceiling for the pair and we will not manage to trade above that for at least Q1 of next year, perhaps even longer. He writes, "So this is a purely longer term trade but stop losses on short positions have to be above the 0.8163 level at 0.8200 and target 0.7757 onto 0.7695 potentially."
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