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EUR/GBP continues to consolidate - Commerzbank

Karen Jones, analyst at Commerzbank, points out that the EUR/GBP cross has continued to consolidate just below the 55 day ma, currently at .8642 and is somewhat stuck at this zone.

Key Quotes

“A close above here would allow for a test of the recent high at .8723 and .8826 (200 day ma). It continues to hold the .8471 recent low and we suspect might be trying to base near term.”

“Currently though we remain unable to rule out the risk of a slide to the 200 week ma at .8411 (although this is less favoured).”

“The market is expected to struggle on rallies to the 200 day ma at .8830, and only above here allows for a move to the October .8941 high, which is expected to contain the topside.”

Author

Sandeep Kanihama

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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