The euro is on a downwards trajectory for over a week, while the pound is holding well against the greenback. This provides opportunities in the EUR/GBP cross.
The team at Barclays provides a chart and a few targets:
Here is their view, courtesy of eFXnews:
Currency investors should consider selling EUR/GBP this week, advises Barclays Capital in its weekly FX pick to clients.
“We are overall bearish on EURGBP and prefer to fade upticks in range. Selling interest is expected in the 0.7485/0.7535 area,” Barclays projects.
“The move back below the 0.7115 recent range lows confirms downside traction. Our greater downside objectives are towards a measured swing target in the 0.6770 area and then lower towards the 0.6535 range lows,” Barclays adds.
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