The Brexit cross has been going down and now up on well, Brexit. What’s next?
Here is their view, courtesy of eFXdata:
ING discusses EUR/GBP technical outlook and maintains a sell-on-rallies bias in the near-term.
“The volatile swings within the downtrend are continuing with a slightly new short-term low at 0.8473. From here a recovery started, but the upside potential remains limited,” ING notes.
Overhead resistance within the downtrend remains unchanged between 0.8630 and 0.8690 with the steep falling trend line around 0.8655 in between. We recommend selling the rallies as a test of the solid horizontal support area 0.8340-0.8265 should be expected within the coming weeks,” ING adds.
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