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Karen Jones, analyst at Commerzbank, notes that EUR/GBP at the end of last year spiked down to and recovered from the 55 quarter moving average at .8226, but the rebound as so far been capped by the 5-month downtrend at .8604.

Key Quotes

“Our bias within these two limits is neutral but it should be noted that we suspect an eventual break higher towards initially the 200 day ma at .8784.”

“Below .8226 remain the June and October 2012 highs as well as the April 2016 high and the January and February 2014 lows at .8167/18.”