20 Jan 2016
EUR/GBP has based, targets 0.8030/50 - Commerzbank
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained that the EUR/GBP market has based.
Key Quotes:
"The market last week eroded major resistance at 0.7555/75, we have charted a weekly close above here and above the 23.6% retracement of the move down from the 2009 high – this was located at 0.7614 and suggests that the market has indeed based.
The base 0.7492-0.6937 suggests an upside measured target to approximately 0.8030/50. However the 0.7762 2012 low is likely to offer formidable resistance on route."
Key Quotes:
"The market last week eroded major resistance at 0.7555/75, we have charted a weekly close above here and above the 23.6% retracement of the move down from the 2009 high – this was located at 0.7614 and suggests that the market has indeed based.
The base 0.7492-0.6937 suggests an upside measured target to approximately 0.8030/50. However the 0.7762 2012 low is likely to offer formidable resistance on route."