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EUR/GBP sidelined for now

FXstreet.com (London) - EUR/GBP remains sidelined on the London open, just as it has been all week.

It begins off this week ahead of a busy calendar with tuff technical obstacles to face on the charts which are still the cloud at 0.8607 and then the April high at 0.8637. According to research teams at Commerzbank, around this level the currency pair is likely to again lose upside momentum.

‘Intraday we would allow for some minor slippage to 0.8500. Only failure at the 0.8422 mid-May low will leave the market weighing on the downside and target the 2013 support line at .8375 and the 2012-13 support line at 0.8351. A close above 0.8637 will cause our medium term forecast to change from neutral to bullish with the 0.8716 early February high being back on the map.’ – said Karen Jones, Head of FX Technical Analysis at Commerzbank

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