31 Jul 2013
Flash: EUR/GBP bullish – Commerzbank
FXstreet.com (London) - EUR/GBP has charted a strong session yesterday and Karen Jones Head of FICC Technical Analysis at Commerzbank said it was well placed to tackle the .8710/14 resistance (recent high and also the 2008- 2013 resistance line). The pair has since exceeded this level.
Key Quotes:
“Above here would push the 0.8793/0.8814 highs seen earlier in the year back into the picture”.
“The market remains immediately bid above the accelerated uptrend at 0.8615 ahead of the .8576 10th July low”.
“Below 0.8575 would imply some deeper sell off towards the.8518/.8470 3 month uptrend and 2012-2013 uptrend”.
“Shorter term (1-3 weeks): Inching higher”.
“Medium term (1-3 months): Neutral to positive. Target 0.8800”.
Key Quotes:
“Above here would push the 0.8793/0.8814 highs seen earlier in the year back into the picture”.
“The market remains immediately bid above the accelerated uptrend at 0.8615 ahead of the .8576 10th July low”.
“Below 0.8575 would imply some deeper sell off towards the.8518/.8470 3 month uptrend and 2012-2013 uptrend”.
“Shorter term (1-3 weeks): Inching higher”.
“Medium term (1-3 months): Neutral to positive. Target 0.8800”.