FXStreet (Edinburgh) – In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, rallies in the cross could find tough resistance around 0.7200.
Key Quotes
“EUR/GBP is sitting on the .7072 support line and is currently finding some support there”.
“Intraday rallies are indicated to terminate circa .7200 for losses to the .7057 May low and the .7053 March low. Below here lies the .7000 psychological support and the .6985 6 year down channel”.
“Rallies will find initial resistance at .7217, the 55 day ma. This guards the .7334 resistance line and the tougher resistance at .7385/91 – this is the March high and the 78.6% retracement”.
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