EUR/GBP potential upside to 0.8063/75 – Commerzbank

By FXstreet.com | August 04, 2014 AAA

FXStreet (Edinburgh) - According to technical studies, the cross could re-visit the area of 0.8063/75, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.



Key Quotes



EUR/GBP’s break of its 20 day ma proved quite pivotal and the market shot higher on Friday. The rally has eroded the .7972 2014 downtrend”.



“Intraday Elliott wave counts have turned more positive and are suggesting a rebound to .8063/75”.



“Intraday dips are indicated to terminate circa .7850.The 20 day ma is likely to act as initial support on pullbacks now to .7930 and key support is the recent low at .7873”.



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