EUR/GBP rally corrective only – Commerzbank

By FXstreet.com | Updated August 20, 2014 AAA

FXStreet (Edinburgh) - Axel Rudolph, Senior Technical Analyst at Commerzbank, underlines the corrective tone of the current upside in the cross.



Key Quotes



EUR/GBP rapidly bounced off the 55 day moving average at .7974 and targets the .8033/36 resistance zone, made up of the late June and current August highs”.



“A break above .8033/36 area will introduce scope to challenge the .8074/82 38.2% Fibonacci retracement of the March-to-July decline and May low”.



“The recent rally continues to be indicated as being corrective only and should fail ahead of the .8136/59 50% retracement, February low and late May high at the very latest”.



“Short term support below the 55 day moving average at .7974 comes in along the one month uptrend line at .7955 and at the .7935 August 13 low”.



You May Also Like

Related Forex Analysis
  1. Forex News

    EUR/GBP Technical Analysis: Bearish Bias Remains Intact

  2. Forex News

    EURGBP | AUDNZD - Declines Remain Favorable for 2014

  3. Forex News

    EUR/GBP recovers ground after 4 days of losses

  4. Forex News

    EUR/GBP rebounds, hits fresh daily high

  5. Forex News

    EUR/GBP Technical Analysis: Holding Short as Euro Drops

Trading Center