EUR / GBP is losing bearish momentum, explains Karen Jones, Technical Analysis Research Team Leader at Commerzbank. She expects the cross to correct higher if it closes above the 20-day moving average at 0.8603.
Key statements:
“EUR / GBP hit a fresh low of 0.8533 last week, which was again not confirmed by the daily RSI, and we remain suspicious that an upward correction is likely. However, we will need a close above the 20-day moving average at 0.8603 to confirm. “
“Intraday Elliott wave counts continue to imply downside scope is limited, but as it continues to close below the 20-day moving average, downside risks remain.”
“The recent low was 0.8533 and this protects the May 2019 low of 0.8465. We have TD support at 0.8482.”
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