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Oct 24 - 02:55 PM

EUR/USD: Bear Market Consolidation; GBP/USD: Investors Won't Want To Chase GBP/USD Above 1.15 - ING

By eFXdata  —  Oct 24 - 01:30 PM

ING Research maintains a bearish bias on EUR/USD and GBP/USD over the coming week.

"We highlighted last week that the sharp drop in European natural gas prices gave cause for the euro to bounce and aggressive BoJ dollar sales could also have created room for EUR/USD to push ahead. Instead, the EUR/USD recovery has been pretty lacklustre and can be best described as a bear market consolidation. For reference, 0.9950 is now probably significant intra-day resistance, marking the top of this year's bear channel," ING notes. 

 "After the failed experiment with Trussonomics, the challenge facing the new team will be harder than the one that existed earlier this summer and probably a reason why international investors will not want to chase GBP/USD above the 1.15 level. FX volatility does remain exceptionally elevated, however, and large swings cannot be ruled out," ING adds. 

ING Research/Market Commentary


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