Bank of America Merrill Lynch FX Strategy Research notes that the year to date range in EUR/GBP between .83050 and .88600 remains.
“Spot attempted to break higher over the last three weeks and is failing.
Longer term support levels have been broken as new resistance levels have formed. This is synonymous with a top, however the long developing head and shoulders top (turned range) has failed to break down,” BofAML argues.
On the macro-front, BofAML holds a bullish view and keeps recommending long EUR/GBP exposure.
Source: Bank of America Merrill Lynch Rates and Currencies Research
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