EUR/GBP could struggle near 0.8162/0.8200 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the current rally in the cross could find strong resistance in the 0.8160/0.8200 band.

Key Quotes

“EUR/GBP has exceeded the target .8030/65, this was the measurement higher from the base .7492 - .6937”.

“We look for the up move to start to struggle shortly, it has reached the 61.8% retracement down from the 2013 peak (at 0.8097) - the 2008-2016 resistance line is located just above here at .8162/0.8200 and this should cap the topside”. 

“Nearby support is offered by the .7927 25th February high and key support remains the four month uptrend line and 55 day ma at .7835/.7792 and these maintain upside pressure”.