EUR/GBP to extend its race higher towards the 200-DMA at 0.8648 – Commerzbank
|EUR/GBP has eroded the 7th September high at 0.8615 and rallied into six-week highs. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to challenge the 0.8648 200-day moving average (DMA) and the July high of 0.8671.
Massive rally approaching the 200-DMA at 0.8648
“EUR/GBP is poised to test the 200-day ma at 0.8648 and 0.8671, the July 2021 high. Above here lies the 0.8722 April high. It looks like it is attempting to base longer term but we would like to see a weekly close above the 200-week ma at 0.8796 as confirmation.”
“The pair has recently found support at 0.8525, 0.8505/00, the lows from mid-July, and we suspect that this is now a short-term floor for the market.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.