Karen Jones, analyst at Commerzbank, points out that after the EUR/GBP getting has sold off to the .8620 2018 low, they would allow for a possible rally back into the .8775/.8810 band ahead of failing.
Key Quotes
“Failure at .8620 would suggest ongoing weakness to the base of the channel at .8547 – see chart – and potentially the 200 week ma at .8341. The market stays directly offered below the 200 day ma at .8863, and only above here allows for a move to the 55 day ma at .8904 and this, together with the October .8941 high, are expected to contain the topside.”
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