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EUR/GBP ripe for a rebound? – Commerzbank

FXStreet (Edinburgh) - The recent price action in the cross could open the door for a corrective upside, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

EUR/GBP has seen a decent rebound just ahead of major support at .7757/44, the mid-August 2012 low at .7757 and the 50% retracement at .7744 (of the entire move up from 2000 to 2008)”.

“The rebound has eroded the near term downtrend and we would allow for a deeper corrective phase”.

“We would allow for a rally to the double Fibo retracement at .7916, which represents the 23.6% retracement of the move seen this year and the 50% retracement of the move down from September”.

“Key resistance is the 2 year pivot line cutting in at .8071 and the 2013-2014 downtrend at .8094. Above ,7916 is likely to see a move to .8000 before failure”.

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