EUR/GBP upside capped around 0.7482 – Commerzbank

FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the upside in the cross facing the initial hurdle at 0.7482.

Key Quotes

“EUR/GBP no change – the markets recent high at .7435 has been accompanied by a divergence of the daily RSI”.

“It is losing upside momentum just ahead of tough resistance which extends from here to .7510 (this is the location of the previous 43 year uptrend, which should now act as resistance)”.

“The May peak is found at .7482 and this should ideally cap the currency pair”.