According to Karen Jones, analyst at Commerzbank, EUR/GBP remains in near term recovery mode and is bouncing from the .8620 2018 low which has held on a closing basis.
Key Quotes
“We would allow for a possible rally back into the .8775/.8840 band ahead of failing. Failure at .8620/18 would suggest ongoing weakness to the base of the channel at .8547 and potentially the 200 week ma at .8341.”
“The market stays directly offered below the 200 day ma at .8864, and only above here allows for a move to the 55 day ma at .8907 and this, together with the October .8941 high, are expected to contain the topside.”
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