EUR/GBP: Bouncing higher - Commerzbank

Karen Jones, analyst at Commerzbank, notes that the EUR/GBP cross has sold off to and recovered from the .8754/78.6% retracement and is seen as the last defence for the .8655 November low.

Key Quotes

“Near term the market is bouncing higher from this support and rallies should find that the 55 and 200 day moving averages at .8864, .8907 will offer decent initial resistance. We look for the October .8941 high to contain the topside.”

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