Karen Jones, Team Head FICC Technical Analysis at Commerzbank, suggested the European cross could slip back to the 0.9020/15 band.
“EUR/GBP is at last starting to correct lower – the market has temporarily topped at .9327 and the market has already sold off to .9088, the 31st July low. We look for losses to the 55 day ma at .9017 and there is scope for the 50% retracement at .8896”.
“Intraday rallies are likely to hold below .9225. Above .9327 targets .9403, the 2016 high and eventually .9803”.
“Only below the July low at .8891 will alleviate upside pressure”.
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