EUR/GBP: Upside Potential Limited To 0.8630-0.8720; Sell Into Rallies – ING

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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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Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned the significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

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