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EUR/GBP bullish attempts to 0.8033 not ruled out – Commerzbank

FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross could well extend the current rebound to the area of 0.8030.

Key Quote

EUR/GBP has seen a small erosion of the downtrend at .7985 today, but has yet to see a close above here”.

“We would allow for further minor gains and are unable to rule out stabs to the .8033/36 resistance zone, made up of the late June and August highs, but only an unexpected break above the .8033/36 area would introduce scope to challenge the .8074/82 38.2% Fibonacci retracement of the March-to-July decline and May low”.

“Support lies at .7892 ahead of the .7873 recent low. Failure here will target the mid-August 2012 low at .7814 will be in focus”.

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