Apr 22, 2013
Forex Flash: EUR/GBP forming a top, might slip to 0.8363 and 0.8241 - Commerzbank
FXstreet.com (Barcelona) - Commerzbank analysts see the EUR/GBP in the middle of its daily cloud and giving few clues to near term direction. “We suspect the 0.8561/65 (cloud+Fibo resistance) will curb the topside for a slide back to the 0.8487 short term uptrend and the base of the cloud at 0.8450. Currently however the market is in the middle of the cloud and could well consolidate sideways for a few days”, wrote analyst Karen Jones, suspecting that the market is forming a top. “This suggests further slippage to 0.8363 and 0.8241 be allowed for, these are the 61.8% and 78.6% retracements of the moves seen this year”, she continued, able to neutralize the outlook once above 0.8665, allowing for another leg up to the 0.8814/15 February high.