EUR/GBP is correcting higher as the pair has pierced through a near-term downtrend. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, allows for some recovery in the near-term with next resistance seen at the 0.8529 mark.
Failure at 0.8471/65 to target 0.8314/0.8239
“EUR/GBP has severed its near term downtrend and is expected to correct higher near-term.”
“Initial resistance is the 20-day ma at 0.8529 and the 55-day ma at 0.8561 and the market will remain on the defensive while capped here.”
“Failure at 0.8471/65 on a closing basis would target 0.8314/0.8239 as well as the 200-month moving average at 0.8142.”
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