From JP Morgan (there’s more here: Euro – technical analysis of EUR/USD, EUR/JPY and EUR/CHF and here: “Macro trade recommendations” from JP Morgan)
Despite having lost momentum lately, the broader GBP up-trend remains intact for the time being
Cable keeps on struggling to work its way higher towards the 2009 top at 1.7044. The obvious loss of upward momentum inherits an increased setback risk though, which would certainly materialize once key-support between 1.6733 and 1.6611 (minor 38.2 %/daily trend) is taken out. Below, a setback to key-support at 1.6225/1.6178 (weekly breakout line/38.2 % on higher scale) would be highly likely . Above 1.6733 though, 1.7044 remains in focus.
In terms of EUR/GBP we are looking for a range breakou between 0.8196 (last low) and 0.8272 (minor 38.2 %) to either call for a straight extension towards 0.8096 and 0.8005 (Fib.-projection/int. 76.4 %) or a retest of 0.8403.
