Karen Jones, Analyst at Commerzbank notes that despite its recent slide, the EUR/GBP cross has recovered from and not registered a weekly close below the 55 week moving average.
"It has sold off on Friday to the 61.8% retracement of the move seen this year at .8697, the strong rebound from here suggests it is reluctant to head lower at this juncture and we would allow for a rebound. A close below here targets the .8530/78.6% retracement of the move seen this year."
"Near term rallies should find decent resistance at .8871 55 day ma and then the .8933 resistance line."
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