EUR/GBP remains in near term recovery mode - Commerzbank

According to Karen Jones, analyst at Commerzbank, EUR/GBP remains in near term recovery mode and is bouncing from the .8620/18 2018 and 2019 lows.

Key Quotes

“We would allow for a possible rally back into the .8840/90 band ahead of failing. Failure at .8620/18 would suggest ongoing weakness to the base of the channel at .8547 and potentially the 200 week ma at .8341.”

“The market stays directly offered below the 200 day ma at .8864, and only above here allows for a move to the 55 day ma at .8901 and this, together with the October .8941 high, are expected to contain the topside.”