According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross could test the area of 0.8030/50. Key Quotes “EUR/GBP is probing the .7762 2012 low. This is quite a pivot point and is regarded as formidable resistance near term”. “The market three weeks ago eroded major resistance at .7555/75. We have charted a weekly close above here and above the 23.6% retracement of the move down from the 2009 high – this was located at .7614 and suggests that the market has indeed based”. “The base .7492-.6937 suggests an upside measured target to approximately .8030/50”. For more information, read our latest forex news.