EUR to GBP - Downside target 0.8192 upside resistance should I be wrong at 0.8643
- Created on Monday, 27 February 2012 14:21
- Last Updated on Friday, 27 September 2013 14:55
- Hits: 549
The GBP to EUR exchange rate is currently 0.34% higher on the day at 1.1846.
William Moore, technical strategist at RBS talks us through how investors could best navigate the GBP to EUR exchange rate (EUR-GBP for the purposes of technical analysis):
"Time for a change in tact?
"No, not yet, the short term bias may have shifted to a slightly more bullish one, but for the longer term the picture is still for more downside in EUR/GBP.
"So the breaking of the previous support line has seen a pretty good follow though reaction but note already that the 0.8499/0.8500 level is
proving a little difficult.
"So my bias is that the market begins to look toppy here, or climbs a little further to the previous trend line of resistance, around 0.8563 this week and 0.8549 the next, before becoming tired once again and heading lower.
"This view is approaching a critical level here and needs to sell off before the market gets into the 0.86’s otherwise a change of forecast will be required.
"Downside target 0.8192 upside resistance should I be wrong at 0.8643."