2 Jul 2013
Flash: EUR/GBP a break higher to come? - Commerzbank
FXstreet.com (London) - Karen Jones, analyst at Commerzbank suggest that EUR/GBP remains sidelined.
However, she say’s, very shortly the cloud will thin and the risk of a break out from the 0.8470-0.8597 range will increase. Following repeated tests and recovery off 0.8470, she suggests the favoured direction is still for a break higher. 0.8597 continues to represent a break point on the topside to the 0.8636. She suggest the move could reach April high and the 0.8793/.8814 highs seen earlier in the year. “Failure at 0.8470 is needed to re-target to the 0.8422 mid-May low and the 2012-13 support line at 0.8404”.
However, she say’s, very shortly the cloud will thin and the risk of a break out from the 0.8470-0.8597 range will increase. Following repeated tests and recovery off 0.8470, she suggests the favoured direction is still for a break higher. 0.8597 continues to represent a break point on the topside to the 0.8636. She suggest the move could reach April high and the 0.8793/.8814 highs seen earlier in the year. “Failure at 0.8470 is needed to re-target to the 0.8422 mid-May low and the 2012-13 support line at 0.8404”.