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Oct 05 - 01:24 PM
EUR/GBP: S/T Sell Signal Targeting 0.8750-0.8690 - ING
First appeared on eFXplus on Oct 05 - 11:51 AM

ING discusses EUR/GBP technical outlook and flags a short-term sell signal targeting a move towards 0.8750 to 0.8690.

"Todays break below the horizontal support around 0.8845 definitively violated our bullish scenario, triggering a short-term Sell signal. This is pointing to further weakness with solid horizontal support coming in between 0.8750 and 0.8690.

We are reversing our rating toDown from Up. The upside potential is very limited with prices meeting plenty of resistance between the horizontal line around 0.8845, the EMA-200 line at 0.8859 and the former lower end of the rising trend channel around the 0.8885 level," ING argues. 

Source:
ING Research/Market Commentary

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