EUR/GBP: recovering from beyond the key 200-day ma at 0.8451

Currently, EUR/GBP is trading at 0.8542, up 0.35% on the day, having posted a daily high at 0.8555 and low at 0.8487.

Has started to recovery from beyond the 200-day ma at 0.8451. This could be a just a rest bite from the continuous down trend and where the market has been pushing for a close below these levels that will be guarding the 0.8304 December low. Sterling vs the dollar has been in a bearish form in February and is now consolidating that pattern while the euro is advancing across the board in a rally up through the 1.06 handle with eyes on the 1.08 handle that would offer some longevity to the cross while the bounce has so far been tepid - analysts at Commerzbank explained they suspect will struggle at the near-term resistance line at 0.8547. 

Populism is sweeping across the world, or maybe not? - BBH

EUR/GBP levels

"The market has recently failed ahead of the top of the cloud at .0.8677 and imoku 2 at .8653," explained analysts at Commerzbank. "Only above .8677 would allow for another run up to key resistance offered by Fibo resistance and the recent high at 0.8852/53. We assume that .8852/53 is a short-term top for the market."

    1. R3 0.8591
    2. R2 0.8557
    3. R1 0.8534
  1. PP 0.8500
    1. S1 0.8478
    2. S2 0.8444
    3. S3 0.8421