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Thomson Reuters
May 10 - 01:24 PM
EUR/GBP Consolidation Above MA-50; Scope For A Move Towards 0.8715 - ING
First appeared on eFXplus on May 10 - 12:10 PM

ING discusses EUR/GBP technical outlook and adopts a neutral bias on a multi-days basis.

"Prices are slowly breaking the horizontal resistance around 0.8630 after successfully consolidated above the bottoming MA-50 line at 0.8597 in the past few days. Short-term higher prices are possible, but the daily chart seems to develop a bearish flag formation. This means that there should be upside potential left towards the upper end of this pattern around 0.8715 in the making of a top, just below the declining EMA-200 line at 0.8743," ING notes. 

"A close below the MA-50 line indicates that prices are moving towards the lower end of the potential flag formation coming in around 0.8510," ING adds. 

Source:
ING Research/Market Commentary

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