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EUR/GBP upside remains intact – Commerzbank

FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross remains well poised to extend the current upside further.

Key Quotes

EUR/GBP remains upside corrective and 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 – where we suspect that it will fail”.

“Key resistance is the 2 year pivot line cutting in at .8074 and the 2013-2014 downtrend at .8082”.

“Above .7916 is likely to see a move to .8000 before failure”.

“Last week the market sold off to and recovered just ahead of major support at .7757/44, (the mid-August 2012 low and the 50% retracement of the entire move up from 2000 to 2008), this will take several attempt to break”.

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