EUR/GBP rallies capped around 0.7823 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees occasional bullish attempts to find strong resistance around 0.7820.

Key Quotes

“EUR/GBP last week saw a strong rejection from the .7998/78.6% retracement, and has now reached .7654 (March low). This guards key supports, which are the 50% retracement of the move from November 2015 at 0.7550 and the 200 day ma at .7571. We note the 13 count on the 240 minute chart and we have decided to exit remaining shorts”.

“Rallies should now remain capped .7823/55 day ma, and this guards the resistance at .7998/ the 78.6% retracement. This is the last defense for the .8116 April peak”.