EUR/GBP: Neutral N-Term; Trying To Develop A S/T Bottom – ING

Apr 08,2019 11:40   Source:Forex Crunch

EUR/GBP is looking for a new direction amid the Brexit uncertainty. What’s next?

Here is their view, courtesy of eFXdata:

ING discusses EUR/GBP technical outlook and maintains a neutral bias on a multi-day basis.

The daily chart is still trying to develop a short-term bottom formation as the daily momentum chart is indicating higher prices. The short-term upward sloping trend line is offering support for around 0.8490. The 0.8630-0.8690 resistance area remains very strong with the declining MA-50 line in between at 0.8645,” ING notes.

This resistance area needs to be broken before a pull-back within the long-term downtrend should be expected. Our long-term bearish view remains unchanged, suggesting a test of the solid horizontal support area 0.8340-0.8265,” ING adds.

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