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EUR/GBP to see follow through strength- Commerzbank

FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank suspects the EUR/GBP to see some follow through strength near term.

Key Quotes

“EUR/GBP given the large outside day to the upside charted yesterday, we suspect that we will see some follow through strength near term. Above the 55 day ma at .7889 we find the .7911 29th Oct high and suspect that we should allow for a rally towards the .8027 2013-2014 downtrend. The market has found good interim support at .7800 which guards major support at .7757/44, (the mid-August 2012 low and the 50% retracement of the entire move up from 2000 to 2008), this is again expected to hold the downside.”

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