FXStreet (Edinburgh) – In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the upside momentum in the cross could face strong resistance around 0.7482/0.7510.
Key Quotes
“EUR/GBP has eroded overhead resistance at .7400-.7421, the highs over the past month. Resistance extends from here to .7510 (this is the location of the previous 43 year uptrend, which should now act as resistance)”.
“The May peak is found at .7482 and this should ideally cap the currency pair”.
“Minor support comes in around the 200 day moving average at .7292, but ideally we would like to see a close below the 55 day m.a at .7197 to negate upside pressure and refocus attention on the downside to the .6937 July low”.
(Market News Provided by FXstreet)