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Forex Flash: EUR/GBP to encounter support at 0.8071/65 - Commerzbank

By FXstreet.com,  January 04, 2013, 09:57:00 AM EDT

FXstreet.com (Barcelona) - Commerzbank analysts expect the EUR/GBP to encounter support at 0.8071/65 (6 month uptrend) shortly. "While above here scope remains to retest 0.8221/25 - the January 2012 low - the market recently failed to register a close through here and in fact charted a key day reversal on the 28th December. It may well have topped but only a close below 0.8065 will confirm", wrote analyst Karen Jones.

"Below 0.8065 would sever the uptrend and leave the market vulnerable to another sell off to the .7961/50 region", Jones added, considering those May and October 2012 lows as key break down points.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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