EUR/GBP: Weakness to persist? - Commerzbank

EUR/GBP has rallied to and failed at the 200 day moving averages at .8865 and the failure here has cast attention back to the .8754/78.6% retracement, according to Karen Jones, analyst at Commerzbank.

Key Quotes

“The .8754 Fibo support is seen as the last defence for the .8655 November low. Above the 200 day ma lies the 55 day ma at .8909 and this together with the October .8941 high are expected to contain the topside.”

“Above .9101/20 would target the top of the 2016-2019 channel at .9165.”