Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the European cross remains capped by the 0.8822 level.
Key Quotes
“EUR/GBP remains capped by 200 day ma at .8822 and stays on the defensive. Directly above the 200 day ma we have the .8846 7 th May high and the 55 week moving average at .8858 and we will assume that we will need to regain this area for an upside bias to emerge. However it is on the defensive and below .8715 targets the .8697 end of May low and the 0.8620 April low”.
“Above the 55 week ma at .8858 we would allow for a recovery to the .8969 recent high and the .9034 October 2017 high”.
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