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EUR/GBP has rallied to and stalled at the 38.2% retracement at 0.8988, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, informs.

Key quotes

“We view the market as having recently based and our target is 0.9060. The base should remain valid while the cross continues to trade above the April low at 0.8671.”

“Near-term support below the 55-day ma at 0.8856 lies at 0.8700.”