EUR/GBP – No weekly close has been seen below the 55 week ma - Commerzbank

Haresh Menghani FXStreet

Karen Jones, Analyst at Commerzbank notes that despite its recent slide, the EUR/GBP cross has recovered from and not registered a weekly close below the 55 week moving average.

Key quotes:

"It has sold off on Friday to the 61.8% retracement of the move seen this year at .8697, the strong rebound from here suggests it is reluctant to head lower at this juncture and we would allow for a rebound. A close below here targets the .8530/78.6% retracement of the move seen this year."

"Near term rallies should find decent resistance at .8871 55 day ma and then the .8933 resistance line."

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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