Karen Jones, analyst at Commerzbank, explains that the EUR/GBP cross has held over its near term up trend at .8952 and this support is reinforced by the .8941 October high.
Key Quotes
“While this holds on a closing basis we will assume an upside bias is maintained (although the market has lost upside momentum for now). The market is struggling to clear the .9101 August high.”
“Above .9101 would target the top of the 2016-2019 channel at .9165. Further consolidation looks likely very near term. Below .8900 lies the 200 day ma at .8856.”
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