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13 May 2013
Forex Flash: EUR/GBP Sideways - Commerzbank
Karen Jones Head of FICC Technical Analysis at Commerzbank and Axel Rudolph Senior Technical Analyst at the bank have noted the lack of movement in the cross which currently sits at 0.8446 on a quiet session head of Retail sales in the US later today.
Their teams note that the EUR/GBP pair has remained sidelined all week and they remain unable to rule out more of a rebound from the three-month support line at 0.8388. They suggest that rallies will continue to find strong resistance offered by the 55 day ma and the 2013 downtrend at .8528/35 and near term we are unable to rule out a possible test of this resistance zone. They have suggested that the failure at the 0.8388 3 month support line will target the 2012-13 support line at 0.8312.
Their teams note that the EUR/GBP pair has remained sidelined all week and they remain unable to rule out more of a rebound from the three-month support line at 0.8388. They suggest that rallies will continue to find strong resistance offered by the 55 day ma and the 2013 downtrend at .8528/35 and near term we are unable to rule out a possible test of this resistance zone. They have suggested that the failure at the 0.8388 3 month support line will target the 2012-13 support line at 0.8312.