EUR/GBP: so far capped by the 55 day ma at .8871 - Commerzbank

According to Karen Jones, Analyst at Commerzbank, the EUR/GBP cross has managed to recover from and also seems to have stabilized above the 55 week ma.

Key quotes:

“EUR/GBP recovered last week following its recent failure to register a weekly close below its 55 week ma at .8744. Near term rallies should find decent resistance at .8871 55 day ma and then the .8913 resistance line.”

“It recently sold off to the 61.8% retracement of the move seen this year at .8697. A close below here targets the .8530/78.6% retracement of the move seen this year.”

“Key near term resistance is the .9034 12th October 2017 high. This guards the .9308 August high.”