Forex Flash: Technicals to lead EUR/GBP lower next week – Nomura
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EUR/GBP
FXstreet.com (Barcelona) - Nomura Strategist Saeed Amen has taken a look at EURGBP from a purely technical perspective.
Amen begins by noting that spot is higher on the week but regardless, he is retaining his bearish view. Spot failed to break through the upper Bollinger band and also he sees that today's candlestick is developing into a Doji, which is often a sign of reversion. He believes that RSI (14) looks to be topping out, suggesting that spot has reached a top. Bandwidth is also on the decline, hinting that we may range for the week ahead. All in all, Amen feels that a retracement looks likely and his target is 0.8085 where the 20 D SMA lies.
Amen begins by noting that spot is higher on the week but regardless, he is retaining his bearish view. Spot failed to break through the upper Bollinger band and also he sees that today's candlestick is developing into a Doji, which is often a sign of reversion. He believes that RSI (14) looks to be topping out, suggesting that spot has reached a top. Bandwidth is also on the decline, hinting that we may range for the week ahead. All in all, Amen feels that a retracement looks likely and his target is 0.8085 where the 20 D SMA lies.
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