EUR/GBP stays on the defensive – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the European cross remains on the defensive for the time being.

Key Quotes

“EUR/GBP failed to erode the 200 day ma at .8824 and finally sold off yesterday. Directly above the 200 day ma we have the .8846 7 th May high and the 55 week moving average at .8859 and we will assume that we will need to regain this area for an upside bias to emerge. However its is on the defensive and below .8715 targets the .8697 end of May low and the 0.8620 April low”.

“Above the 55 week ma at .8859 we would allow for a recovery to the .8969 recent high and the .9034 October 2017 high”.