EUR/GBP: Bulls will need .8570 to hold
If EUR/GBP bulls are hoping for more gains then they should expect a 61.8% pull-back level at .8570 to hold (see chart). Prices are currently chopping sideways near previous highs at .8590/.8600.
HSBC released a bearish analysis piece on the cable today but once again I find myself disagreeing completely with what the big-bank analysts have to say. I’m staying bullish cable and bearish EUR/GBP but I’m also the first to admit that my timing in these pairs hasn’t been great recently.