In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the European cross is expected to struggle around the 0.9030 region.
“EUR/GBP continues to grind higher and is poised to encounter the 55 day ma at .9014, the base of the cloud at .9025 and the 50% retracement at .9027 and we suspect that the market will fail here”.
“Directly below the market lies a major band of support which extends down from the .8748 14th July low to .8720 – this contains the 200 day ma, the 55 week ma, and the 2015-2017 uptrend”.
“Below .8700 would target the 0.8530/78.6% retracement of the move seen this year”.
“Above .9145 would retarget the .9308 recent high”.
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