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EUR/GBP probable spike to 0.8033/36 – Commerzbank

FXStreet (Edinburgh) - In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, he cross could re-visit the area around 0.8030/40.

Key Quotes

EUR/GBP has seen its downtrend eroded following Sterlings overnight weakness”.

“We will assume this was a hunt for stops, nonetheless we are unable to rule out further upside stabs into the .8033/36 resistance zone, made up of the late June and August highs where we look for failure”.

“We have a large overnight gap to .7956 which is likely to be filled”.

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

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