EURGBP made a recent high of 0.9087 on 8 August 2017 after coming out from a recent low of 0.8742 on 14 July 2017. A technical formation known as shooting star was formed on 8 Aug 2017 and the question is whether investors should initiate a bearish move on this cross. Based on our forecast and the directional bias up to this point, it would appear that there is an immediate bearish bias on this cross and if such bearish momentum continues, we could potentially see this cross retrace to 0.8955 level as our first target and if this level is broken, 0.8915 as our second target. On the other hand, the overall trend on this cross remains an uptrend. Investors who believe that this uptrend continues and see potential price target at 0.9180 at the first level and 0.9300 at the second level.
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Any opinions expressed are subject to change without prior notice. Our research materials are based on information from various sources believed to be reliable. Although all reasonable care has been taken to ensure that such information is not misleading, we make no guarantee, representation or warranty, expressed or implied as to its accuracy, adequacy or completeness. We do not accept any liability whatsoever for any direct, indirect or incidental, special or consequential loss of any kind arising out of the use or reliance on the information in our research materials.
DISCLAIMER
Our research materials are provided for information purposes only. They should not be used or considered as an offer to sell or a solicitation of an offer to buy any securities. The research materials are prepared for general circulation and general information only. They do not take into account the specific investment objectives, investment knowledge and experience and financial situation of any recipient. Investors seeking to buy or sell any securities discussed or recommended in our research materials, should seek independent financial advice relating thereto and make his/her own appraisal of the tax or other financial merits of the investment.
Any opinions expressed are subject to change without prior notice. Our research materials are based on information from various sources believed to be reliable. Although all reasonable care has been taken to ensure that such information is not misleading, we make no guarantee, representation or warranty, expressed or implied as to its accuracy, adequacy or completeness. We do not accept any liability whatsoever for any direct, indirect or incidental, special or consequential loss of any kind arising out of the use or reliance on the information in our research materials.