EUR/GBP: Expected to hold over the 200-day ma at 0.8754 – Commerzbank

EUR/GBP is approaching the 0.8754 200 day ma where ideally we should see the market stabilise and recover, according to Karen Jones from Commerzbank.

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, which implies the end of the down move.” 

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