EUR/GBP upside could struggle around 0.8738/74 – Commerzbank

Occasional bullish attempts in EUR/GBP should meet strong resistance in the 0.8738/74 band, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“The market has slid back to and recovered off the 55 day ma at .8602. Initial resistance lies at .8738 and .8774 (downtrends) and we suspect that this will cap for now. Above .8800, there is scope to tackle the .8852 January high. We look for the downside currently to be limited by the 200 day ma at .8571”.

“Market is now bid above the .8576 200 day ma. Failure here will re-target the .8401 February low”.