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.
"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."
- R3 0.8591
- R2 0.8557
- R1 0.8534
- PP 0.8500
- S1 0.8478
- S2 0.8444
- S3 0.8421
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