According to Commerzbank’s Senior Technical Analyst Axel Rudolph, the ongoing EUR/GBP bullish momentum has now reached near the very important 200-day SMA and further up sits the February peak at .8842.
Key Quotes
“¢ EUR/GBP nears the 200 day moving average at .8793 and the late November low at .8810.
“¢ Has now risen above the 2019 downtrend line, alleviating recent downside pressure.
“¢ The 200 week moving at .8458 underpins. We suspect the cross has based slightly above there.
“¢ Slips below the March high at .8723 should find support around the .8685 April high.
“¢ Strong support below the 55 day moving average at .8609 comes in at the March and current May lows at .8471/65. Directly below there lies the 200 week moving at .8458 and we look for this to hold the downside.
“¢ Below .8458 would allow for a sell-off to the April 2017 low at .8314.
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