The “Brexit cross” is struggling with, well, Brexit, and uncertainty about euro-zone growth. What’s next?
Here is their view, courtesy of eFXdata:
ING discusses EUR/GBP technical outlook and maintains a bearish bias on a multi-day basis.
“Prices are consolidating within the downtrend after making a low at 0.8529 last week. The upside potential is limited after the long-term trend change with overhead horizontal resistance coming in between the 0.8630-0.8690 resistance area and the steep falling trend line around the 0.8720 level,” ING notes.
“We recommend selling the rallies as a test of the solid horizontal support area 0.8340-0.8265 should be expected,” ING adds.
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