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30 Dec 2014
EUR/GBP further losses possible – Varengold
FXStreet (Barcelona) - The Varengold Bank Research Team believes that EUR/GBP pair might trade soft with technicals supporting further losses for the pair.
Key Quotes
“Since the middle of August this currency pair is experiencing a strong control of the bears as it is falling below an downward Fibonacci fan. It could break through the first resistance line (38.2) twice but couldn’t strengthen its position and dropped back below it. The support line at 0.7784 seems to be stable enough. Looking at the Stochastic one can see that it moves towards the 20- line, signaling that losses are possible.”
Key Quotes
“Since the middle of August this currency pair is experiencing a strong control of the bears as it is falling below an downward Fibonacci fan. It could break through the first resistance line (38.2) twice but couldn’t strengthen its position and dropped back below it. The support line at 0.7784 seems to be stable enough. Looking at the Stochastic one can see that it moves towards the 20- line, signaling that losses are possible.”