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Latest Pound to Euro Exchange Rate News
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Pound to Euro | Pound Euro Exchange Rate News and Insights
Euro pound exchange rate rally forecasted to fade warns RBS analyst; strong resistance level approaches
- Category: Pound to Euro
- Published on Friday, 15 June 2012 12:18
- Written by Will Peters
"We are seeing a short term consolidation move within the bigger picture down trend" - William Moore at RBS.
The euro (Currency:EUR) is set to lose steam against the pound sterling (Currency:GBP) as a key resistance level approaches warns an analyse note from RBS, released today.
Commenting on the euro pound exchange rate (Currently at 0.8112) William Moore at RBS says:
"The market is rallying nicely presenting better and better opportunities for short positions, still the resistance around 0.8222 looks very strong so stop losses nestled above there make sense for now.
(For the latest euro to pound exchange rate forecasts please visit our IMT site, access is Free via this Facebook entrance path).
"The pattern is a bearish flag pattern and flags are said to ‘fly at half mast’ suggesting that we are seeing a short term consolidation move within the bigger picture down trend.
"Incidentally the target almost coincides perfectly with 0.7695 which is the 2008 low and longer term objective. Watch the breaking of 0.8025 today and add to positions as the strategy from yesterday suggests through 0.7951."
Of course, for the euro to decline against sterling we would also require some form of fundamental pressure.
No doubt, we have plenty of that lying ahead!
As UniCredit, in their latest 'Curves & Crosses' publication say:
"We expect discussion of Greece leaving the euro to flare up, keeping the currency under latent selling pressure.
"With Spain still under strong scrutiny, particularly since Moody's downgrading and, in addition, Cyprus' problems, albeit comparably tiny, pressure on the euro might even become as strong as it was at the end of May.
"Nevertheless, we also have to consider that some other currencies will likely be exposed to some weakness as well, thus preventing the euro TWI from another slump."