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EUR/GBP charted key week reversal as the pair held the 0.8471/65 area. Karen Jones, Team Head FICC Technical Analysis Research, targets the late February high at 0.8732.

EUR/GBP has reversed from 0.8471

“EUR/GBP last week charted a key week reversal from the March and May 2019 lows at 0.8471/65 and closed above the April 2020 low at 0.8671.”  

“We would like to see some further upside follow through, but for now view the market as having based and look for 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 0.8576 ahead of key support at 0.8471/65.”