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EUR/GBP now supported by 0.7942 – Commerzbank

FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, does not discard bullish attempts while above0.7942.

Key Quotes

EUR/GBP has eroded the .8001 resistance line and in doing so has muddied our outlook”.

“Key short term support is the uptrend at .7942 and the 20 day ma at .7942”.

“While above here we cannot rule out further upside attempts, although the Elliott wave count is still suggesting failure circa the .8033 June high, but there is scope for the .8075/38.2% retracement of the move down from March”.

“Support at .7942 guards the .7873 recent low”.

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