6 Jun 2013
Flash: EUR/GBP facing two tuff obstacles – Commerzbank
FXstreet.com (London) - Karen Jones at Commerzbank FX Analyst say’s, “EUR/GBP is facing two tough overhead obstacles.
One is the top of the cloud at 0.8607 currently and the second is the 0.8637 April peak. Around this level the currency pair is likely to again lose upside momentum, however. Below 0.8590/85 should see a slide back to the 0.8422 mid-May low. Failure will leave the market weighing on the downside and target the 2013 support line at 0 .8372 and the 2012-13 support line at 0.8359. “ She goes onto say, “A close above 0.8637 will cause our medium term forecast to change from neutral to bullish with the .8716 early February high being back on the map.”
One is the top of the cloud at 0.8607 currently and the second is the 0.8637 April peak. Around this level the currency pair is likely to again lose upside momentum, however. Below 0.8590/85 should see a slide back to the 0.8422 mid-May low. Failure will leave the market weighing on the downside and target the 2013 support line at 0 .8372 and the 2012-13 support line at 0.8359. “ She goes onto say, “A close above 0.8637 will cause our medium term forecast to change from neutral to bullish with the .8716 early February high being back on the map.”