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EUR/GBP toying with 0.8000 – Commerzbank

FXStreet (Edinburgh) - Despite the recent price action, Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the upside could be corrective only.

Key Quotes

EUR/GBP has come off the late June high at .8033 and once again flirts with the psychological .8000 mark”.

“A still possible break above .8033 level will introduce scope to challenge the .8074/82 38.2% Fibonacci retracement of the March-to-July decline and May low”.

“The current rally higher continues to be indicated as being corrective only and should fail ahead of the .8136/59 50% retracement, February low and late May high”.

“Short term support comes in along the one month uptrend line at .7947, the 55 day moving average at .7978 and at the .7935 August 13 low”.

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