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6 Mar 2013
Forex Flash: EUR/GBP with negative bias towards 0.8566 then 0.8449/47 - Commerzbank
Commerzbank analysts see a negative bias as the EUR/GBP slips lower: "The market last week reversed from the double Fibonacci retracement and the October 2011 high, at 0.8780/0.8830", wrote analyst Karen Jones, seeing likelihood of failure.
"The bearish engulfing pattern and break of the uptrend suggests further weakness will be seen near term to 0.8566 then 0.8449/47, the 50% retracement of the move seen this year and the 8th February low", she continued, pointing to intraday resistance at 0.87155, the first of February high.