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Forex pairs in this Article » EUR/GBP (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank has taken a look at EURGBP from a purely technical perspective.

The pair has failed on its initial test of the 0.8148/65 key resistances. These represent the June high, the October high and the 55 MA writes Jones. She sees this as key resistance on the chart and is continuing to look for signs of failure. She feels that it is pivotal resistance and also represents a medium term break up point. She favours a slide back to the near term support line at 0.8073 initially.

Jones continues to write, "The fact that we have seen such a strong recovery from .7965/50 (May low) re ignites the issue over whether this is a base or not longer term. A close above the 0.8165 recent high is required to confirm the base. Trend line support at .8016 guards the more important .7950 May low." Jones is currently short at 0.8135 with a stop at 0.8170 and a target of 0.8025.
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