Forex Flash: EUR/GBP to encounter support at 0.8071/65 - Commerzbank

FXstreet.com (Barcelona) - Commerzbank analysts expect the EURGBP to encounter support at 0.8071/65 (6 month uptrend) shortly. "While above here scope remains to retest 0.8221/25 - the January 2012 low - the market recently failed to register a close through here and in fact charted a key day reversal on the 28th December. It may well have topped but only a close below 0.8065 will confirm", wrote analyst Karen Jones.

"Below 0.8065 would sever the uptrend and leave the market vulnerable to another sell off to the .7961/50 region", Jones added, considering those May and October 2012 lows as key break down points.