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21 Jun 2013
Flash: EUR/GBP ranges - Commerzbank
FXstreet.com (London) - Karen Jones at Commerzbank explains that the EUR/GBP saw complete rejection from resistance at 0.8696/97 (the May high and cloud resistance).
She said this continues to represent a break point on the topside to 0.8636 April high and the 0.8793/0.8814 highs seen earlier in the year. She feels intraday dips should find support circa 0.8514/00 ahead of the 0.8485 short term uptrend. Failure here is needed, she said, to re-target to the 0.8422 mid-May low and the 2012-13 support line at 0.8388.
She said this continues to represent a break point on the topside to 0.8636 April high and the 0.8793/0.8814 highs seen earlier in the year. She feels intraday dips should find support circa 0.8514/00 ahead of the 0.8485 short term uptrend. Failure here is needed, she said, to re-target to the 0.8422 mid-May low and the 2012-13 support line at 0.8388.