In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the European cross appears supported around 0.8818/14.
Key Quotes
“EUR/GBP last week failed just ahead of the .8967 March high and the .8964 50% retracement, we have already seen a small pullback, which has so far held over the 2 month uptrend at .8877. Dips back will find additional support at the 200 day ma at .8818 and the 55 day ma at .8814. Above .8967 will target the .9034 October 2017 high”.
“Dips lower will find initial support at .8814, the 55 day ma. This guards the .8785 uptrend, then .8717, the 15th June low. While above here we will assume that it stays bid”.
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