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23 May 2014
EUR/GBP poised to drift lower - SocGen
FXStreet (Bali) - Stephanie Aymes and Kusal Kansara, Technical Analysts at Societe Generale, anticipate further falls in EUR/GBP towards 0.80/0.7935.
Key Quotes
"EUR/GBP has breached the key support at 0.8144, the confluence of a multi-year trend line and the 61.8% retracement of the up move from 2012 lows to 2013 highs."
"The daily RSI is breaking below a two year dual graphical support pointing towards further correction. Thus, EUR/GBP is poised to drift lower towards a daily channel limit of 0.80/0.7935, also the 76.4% retracement from 2012 lows. But with the monthly indicator at support, the down move could be choppy."
Key Quotes
"EUR/GBP has breached the key support at 0.8144, the confluence of a multi-year trend line and the 61.8% retracement of the up move from 2012 lows to 2013 highs."
"The daily RSI is breaking below a two year dual graphical support pointing towards further correction. Thus, EUR/GBP is poised to drift lower towards a daily channel limit of 0.80/0.7935, also the 76.4% retracement from 2012 lows. But with the monthly indicator at support, the down move could be choppy."