EUR/GBP looks for a recovery to the 200-DMA at 0.8663 – Commerzbank

EUR/GBP is recovering from support at 0.8500. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to climb towards the 200-day moving average (DMA) at 0.8663.

See: EUR/GBP to move downward towards 0.83 by end-2022 – Danske Bank

The 0.8505/00 support is viewed as an interim low

“EUR/GBP rally higher is gaining traction. The market has recently seen quite a strong reversal from the 0.8505/00 support, the lows from mid-July, and we are now viewing this as an interim low.” 

“We would allow for gains to resistance at 0.8615/20. The near-term risk is for a break above here and this would allow for 0.8663, the 200-DMA and 0.8671, the July 2021 high. Above here lies the 0.8722 April high.”