EUR/GBP has tested and failed for the past 3 days at its 200-day ma at .8745. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, analyzes the next possible moves on the pair.
Key quotes
“We would allow for a slide back into the .8610/.8580 zone. There is scope for .8535, however, we look for the near term uptrend at .8429 to hold.”
“The market has recently completed a base with a .8979 upside measured target. Above .8745 will target the .8786 20th September low and the .8891 25th July low en route to the .8979 measured target.”
“Nearby support is the 55-day ma at .8485 ahead of the near term uptrend at .8429. This guards .8332, the 24th February low.”
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