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Forex pairs in this Article » EUR/GBP (Barcelona) - Commerzbank analysts believe that the EURGBP may have topped out after failing to register a close through 0.8221/25 (January 2012 low), and charting a key day reversal on the 28th December. Now, the cross bounces from its 6 month uptrend support at 0.8079/78 and still has cope to retest 0.8221/25. Only a close below 0.8074 will confirm the top.

"Below 0.8078 would sever the uptrend and leave the market vulnerable to another sell off to the 0.7961/50 region. These are lows seen in May and October 2012 and are considered to be key break down points", Jones added.
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