EUR/GBP: Further weakness - Commerzbank

Sandeep Kanihama FXStreet Contributor

Karen Jones, analyst at Commerzbank, explains that the EUR/GBP cross has eroded the .8941 October high, suggesting further weakness to the 200 day ma at .8861 and while this holds on a closing basis, the market is still relatively neutral.

Key Quotes

“The market is struggling to clear the .9101 August high and it is possible that it will prove to be a top and below the 200 day ma will target .8810 the low from the end of November. Above .9101/20 would target the top of the 2016-2019 channel at .9165. Further consolidation looks likely very near term.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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