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EUR/GBP is seeing a strong recovery after falling to the 0.8471/65 area. According to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, a close above the 0.8671 level is key to see further gains.

See:  EUR/GBP  to decline towards 0.84 fueled by UK’s vaccination success – Credit Suisse

EUR/GBP rebounds from the 0.8471/65 neighborhood

“EUR/GBP has seen a very strong reversal from the March and May 2019 lows at 0.8471/65 and has tested the 55-day ma at 0.8663, directly above here lies the April 2020 low at 0.8671.”  

“A close above the 0.8671 would imply that the market has based, which introduces scope to the late February high at 0.8732.”  

“A rise above 0.8732 would target the lows seen in June, September and November at 0.8861/65.”  

“Dips would find initial support offered by the 20-day ma at 0.8567 ahead of key support at 0.8471/65.”