EUR/GBP: Starting to recover – Commerzbank

EUR/GBP has sold off to the 0.8751 200 day ma, and is starting to recover from here, as Karen Jones from Commerzbank notes.

Key quotes

“In the 200-day ma vicinity, we also find the 61.8% retracement at 0.8747.” 

“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.” 

“We are unable to rule out scope for 0.8712, 0.8673, the 6 week uptrend and the 55-day ma but this is not our favoured view.”