In view of Axel Rudolph, analyst at Commerzbank, EUR/GBP is likely to further range trade above its current December low at .8239, around the December 9th low at .8393.
Key Quotes
“Over the coming weeks the June and October 2012 highs as well as the April 2016 high and the January and February 2014 lows at .8167/18 represent our downside target area. Resistance above the .8393 December 9th low sits at the three month downtrend line at .8474 and also at the December 12 high at .8509.”
“Only a daily chart close above the .8509 December 12 high would neutralise our bearish view.”
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