EUR/GBP: Reached the 200 day moving average at .8793 which caps - Commerzbank

Haresh Menghani FXStreet

According to Commerzbank’s Senior Technical Analyst Axel Rudolph, the ongoing EUR/GBP bullish momentum has now reached near the very important 200-day SMA and further up sits the February peak at .8842.

Key Quotes

• EUR/GBP nears the 200 day moving average at .8793 and the late November low at .8810.
•  Has now risen above the 2019 downtrend line, alleviating recent downside pressure.
•  The 200 week moving at .8458 underpins. We suspect the cross has based slightly above there.
•  Slips below the March high at .8723 should find support around the .8685 April high.
•  Strong support below the 55 day moving average at .8609 comes in at the March and current May lows at .8471/65. Directly below there lies the 200 week moving at .8458 and we look for this to hold the downside.
•  Below .8458 would allow for a sell-off to the April 2017 low at .8314.

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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