EUR/GBP: Further rangebound now favoured – Commerzbank

Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, noted EUR/GBP now faces some consolidation in the very near term.

Key Quotes

“EUR/GBP continues to sit in 3 month lows. Note that it still has not CLOSED below .8503 and we may see some very near term consolidation. Attention is on the .8471 long term pivot. Failure at .8471/65 would target .8314/.8239 as well as the 200 month moving average at .8135.”

“Initial resistance is the 55-day ma at .8584 ahead of stronger resistance at .8673, the 25th May high.”