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EUR/GBP positive above 0.7220 – Commerzbank

FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the outlook on the European cross remains positive above 0.7220.

Key Quotes

EUR/GBP remains broadly sidelined, we look for dips lower to be contained by the uptrend at .7220 and while it holds, an upside bias will remain intact”.

“The market has recently failed at the top of a 6 month channel (.7405) and will need to clear the .7421 recent high to retarget the .7482 May high ahead of the .7468 55 week ma”.

“We suspect from a longer term point of view that the market will fail in this vicinity”.

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