Forex Flash: EUR/GBP contained higher in a 6 month up channel - Commerzbank
Forex pairs in this Article » EUR/GBP
FXstreet.com (Barcelona) - The strong EURGBP rally to challenge and take out the 0.8221/25 resistance (December high and the January 2012 low), also penetrated 0.8263 (38.2% retracement of the move down from the 2011 peak). "The market has been contained higher in a 6 month up channel", wrote analyst Karen Jones, pointing now to support at 0.8091 and resistance this week at 0.8355. "We suspect that the market will extend short term gains to the top of this channel at 0.8355 but stall here", she continued, expecting dips to find interim support at 0.8221/0.8190, while key support is the base of the channel at 0.8091.