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8 Sep 2014
EUR/GBP probable spike to 0.8033/36 – Commerzbank
FXStreet (Edinburgh) - In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, he cross could re-visit the area around 0.8030/40.
Key Quotes
“EUR/GBP has seen its downtrend eroded following Sterlings overnight weakness”.
“We will assume this was a hunt for stops, nonetheless we are unable to rule out further upside stabs into the .8033/36 resistance zone, made up of the late June and August highs where we look for failure”.
“We have a large overnight gap to .7956 which is likely to be filled”.
“Support lies at .7892 ahead of the .7873 recent low. Failure here will target the mid-August 2012 low at .7814”.
Key Quotes
“EUR/GBP has seen its downtrend eroded following Sterlings overnight weakness”.
“We will assume this was a hunt for stops, nonetheless we are unable to rule out further upside stabs into the .8033/36 resistance zone, made up of the late June and August highs where we look for failure”.
“We have a large overnight gap to .7956 which is likely to be filled”.
“Support lies at .7892 ahead of the .7873 recent low. Failure here will target the mid-August 2012 low at .7814”.