9 Jul 2013
Flash: EUR/GBP Upside preserved - Commerzbank
FXstreet.com (London) - Karen Jones, Chief Analyst at Commerzbank noted that EUR/GBP last week saw an erosion of the range high at 0.8597.
She said this has not exactly been dynamic, and the market has stalled ahead of the 0.8636 April high. However, she said, while the market continues to hold over the 55 day ma at 0.85095 and the range lows at 0.8570, an upside bias is preserved. “The 0.8636 April high should act as a break point to the 0.8793/0.8814 highs seen earlier in the year.” She said failure at 0.8470, although less favoured, would re-target to the 0.8422 mid-May low and the 2012-13 support line at 0.8420.
She said this has not exactly been dynamic, and the market has stalled ahead of the 0.8636 April high. However, she said, while the market continues to hold over the 55 day ma at 0.85095 and the range lows at 0.8570, an upside bias is preserved. “The 0.8636 April high should act as a break point to the 0.8793/0.8814 highs seen earlier in the year.” She said failure at 0.8470, although less favoured, would re-target to the 0.8422 mid-May low and the 2012-13 support line at 0.8420.