EUR/GBP: Further recovery in store - Commerzbank

According to Karen Jones, analyst at Commerzbank, EUR/GBP cross has continued to try and stabilise above the 55 day ma, and we should see further recovery this week.

Key Quotes

“We should see a move towards the recent high at .8723 and .8815 (200 day ma). The market is expected to struggle on rallies to .8815/23, and only above here allows for a move to the October .8941 high.”

“It is viewed as having based recently at the .8471 recent low. Below here (not favoured) would allow for a slide to the 200 week ma at .8419 (although this is less favoured).”