EUR/GBP is seeing a strong recovery after falling to the 0.8471/65 area. According to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, a close above the 0.8671 level is key to see further gains.
EUR/GBP rebounds from the 0.8471/65 neighborhood
“EUR/GBP has seen a very strong reversal from the March and May 2019 lows at 0.8471/65 and has tested the 55-day ma at 0.8663, directly above here lies the April 2020 low at 0.8671.”
“A close above the 0.8671 would imply that the market has based, which introduces scope to the late February high at 0.8732.”
“A rise above 0.8732 would target the lows seen in June, September and November at 0.8861/65.”
“Dips would find initial support offered by the 20-day ma at 0.8567 ahead of key support at 0.8471/65.”
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