EUR/GBP: The end of the down move – Commerzbank

EUR/GBP has reached a convergence of support and Karen Jones,  Team Head FICC Technical Analysis Research at Commerzbank, favors recovery.

Key quotes

“EUR/GBP is holding over the 0.8750 200 day ma. In this vicinity we also find the 61.8% retracement at 0.8747, the uptrend at 0.8737 and the 55-day ma at 0.8685 and we look for the market to recover from here.” 

“We also note Two 13 counts on the 240-minute chart and a TD perfected set up on the daily chart, they imply the end of the down move.” 

“Recovery above 0.9022 will target 0.9225 and then last week’s high at 0.9501.”