The EUR/GBP pair extended its retreat below 0.9000 on Monday and Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, is looking for a slide to the 200-day moving average at 0.8924.
“EUR/GBP‘s recovery last week was not enough to overcome the 55-day moving average at 0.9061 and the 0.9071 short-term downtrend channel resistance line. While capped there a negative bias will persist for losses to extend to the 200-day moving average at 0.8924, which we suspect will hold the initial test.
“Failure at the 0.8924 200-day moving average would probably target 0.8865/64, the June and September lows.”
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