EUR/GBP: Offered below 0.7199 - CB

FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained that EUR/GBP has reached target of 0.7020/00 April 2006 high and psychological level and is bouncing higher.

"We note the 13 count on the daily chart and would allow for a near term rebound towards the 0.7199 downtrend."

"The market will remain directly offered below the 0.7199 accelerated resistance line and will need to overcome this level to alleviate immediate downside pressure."

"Above the 0.7199 accelerated downtrend lies the 23.6% retracement of the down move at 0.7217 and the 38.2% retracement lies at 0.7343."