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EUR/GBP has bounced off to the 55 and 200 day ma at .8834 and while it holds over .8800, the market will remain capable of retesting the topside, according to Karen Jones, Analyst at Commerzbank.

Key Quotes

“We look for a retest of the .8934/41 recent highs. Above .8941 will put the July peak at .8960 back in the frame, followed by the early August and September highs at .9031/54. However given that we are currently pretty much mid-range – we have no strong bias. Slips should find support between the July low at .8799 and the November 12 high at .8774. Further support sits at the October trough at .8723.”

Short Term Trend (1-3 weeks): Bounces off the .8697/80 support zone.”