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EUR/GBP: capped at 0.7482/0.7542? – Commerzbank

FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the upside in the cross could be capped by the 0.7482/0.7542 band.

Key Quotes

EUR/GBP last week tested the 55 week ma at .7430 and has so far ground to a halt - but this did not really provoke the failure/sell off we were expecting”.

“The market faces tough overhead resistance at the .7482 May peak and this extends from here to .7542 (this is the location of the previous 43 year uptrend, which should now act as resistance)”.

“We continue to look for this to cap the market. Here we also find the .7545 2013-2015 downtrend”.

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