13 Jan 2015
EUR/GBP key support comes at 0.7445
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained that the EUR/GBP last week rallied to and failed at the 0.7874 July low.
Key Quotes:
"This should re-focus attention back to the 50% retracement of the entire move from 2000-2008 which is located at 0.7744".
"This remains the critical support and we will need to see at least one close below here to confirm a break lower".
Key resistance remains the 0.7956 2013-2015 downtrend".
"Note that 0.7744 is regarded as the major break down point to the 0.7445 43 year uptrend".
Key Quotes:
"This should re-focus attention back to the 50% retracement of the entire move from 2000-2008 which is located at 0.7744".
"This remains the critical support and we will need to see at least one close below here to confirm a break lower".
Key resistance remains the 0.7956 2013-2015 downtrend".
"Note that 0.7744 is regarded as the major break down point to the 0.7445 43 year uptrend".