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13 Jun 2013
Flash: EUR/GBP still at 55 d ma - Commerzbank
FXstreet.com (London) - Axel Rudolph, Senior Analysts for Commerzbank said that EUR/GBP briefly dropped to 0.8470 on Wednesday before stabilising around the 55 day moving average at 0.8500.
EUR/GBP remains defensive
“It remains on the defensive, though” he said and continued to explain that rallies will find minor resistance at 0.8550, Tuesday’s high, ahead of the 0.8563 resistance line and the 0.8597 May high. “We should see this continue to hold the topside for a slide back to the 0.8422 mid-May low”. He said that failure here will leave the currency pair weighing on the downside and target the 2012-13 support line at 0.8373.
EUR/GBP remains defensive
“It remains on the defensive, though” he said and continued to explain that rallies will find minor resistance at 0.8550, Tuesday’s high, ahead of the 0.8563 resistance line and the 0.8597 May high. “We should see this continue to hold the topside for a slide back to the 0.8422 mid-May low”. He said that failure here will leave the currency pair weighing on the downside and target the 2012-13 support line at 0.8373.