FXstreet.com (Barcelona) - The corrective upside is expected to end soon as the EUR/GBP should fail shortly after reaching 0.7950/57 (the May low and the 50% retracement of sell off since June), ahead of 0.7968 (55-day MA) and 0.7997 (2012 downtrend). “We have a near term uptrend at .7832 and will assume a break below here is needed to confirm the end of the upside corrective phase and signal a slide back to the 0.7757 July low”, wrote analyst Karen Jones, pointing to support at 0.7744/.7694 a major break down point longer term to the base of the 40 year channel, currently located at 0.7130.
Forex Flash: EUR/GBP corrective upside at an end - Commerzbank
Tue, Aug 07 2012, 08:07 GMT | FXstreet.com
EUR/GBP May 19 at 06:43 GMT
0.8461/67 (0.00%)
H0.8464 L 0.8464
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Any opinions, news, research, analyses, prices or other information contained on this story, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
