EUR/GBP initially supported at 0.7994 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the European cross should find support around 0.7994.

Key Quotes

“EUR/GBP has taken out its major downtrend at .8114, this was the 7 year down channel and this has completely altered the outlook”.

“Next resistance is the 50% retracement of the move down from the 2009 peak at 0.8370. and the 78.6% retracement of the move from 2013 at .8412. This is regarded as the last defence for the .8815 February 2013 peak”.

“Dips lower will find initial support at .8116 the April 2016 high and .7994 the 16th June high”.