Karen Jones, analyst at Commerzbank, explains that the EUR/GBP cross has eroded the .8941 October high, suggesting further weakness to the 200 day ma at .8861 and while this holds on a closing basis, the market is still relatively neutral.
“The market is struggling to clear the .9101 August high and it is possible that it will prove to be a top and below the 200 day ma will target .8810 the low from the end of November. Above .9101/20 would target the top of the 2016-2019 channel at .9165. Further consolidation looks likely very near term.”
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