EUR/GBP potential H&S ahead? – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the likeliness that the cross could be developing a ‘Head and Shoulders’ pattern.

Key Quotes

“EUR/GBP after sitting all week just below the .7930/45 highs seen in February and March the market has finally failed and we suspect is developing a potential head and shoulders pattern”.

“This will only be confirmed on a close below the neckline at .7773. Failure here should trigger losses to the .7740 April low and .7654, the March low”.