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Trading news
2 Feb 2016
EURGBP: Still looking for a deeper correction – Lloyds Bank
FXStreet (Delhi) – Research Team at Lloyds Bank, notes that the EURGBP pair has traded lower with the bout of GBP strength seen yesterday.
Key Quotes
“Technically we are still looking for a deeper correction while the daily RSIs unwind from overbought. As such we still see the risk for a move back towards 0.7480/60 key trend support, where we will be looking for a higher low to develop and this year’s range breakout to extend towards 0.80. As with GBPUSD above, a decline through 0.7400 region would negate this bullish outlook and commit us back to the previous range in the medium term.”
Key Quotes
“Technically we are still looking for a deeper correction while the daily RSIs unwind from overbought. As such we still see the risk for a move back towards 0.7480/60 key trend support, where we will be looking for a higher low to develop and this year’s range breakout to extend towards 0.80. As with GBPUSD above, a decline through 0.7400 region would negate this bullish outlook and commit us back to the previous range in the medium term.”