Commerzbank: bullish on EUR/GBP
The EUR/GBP cross could rebound into the 0.8063/75 area, Commerzbank strategists forecast.
In their view, the recent break above the 20-day MA (violet line on the chart) was very significant, pushing the market higher on Friday. Analysts note that the price rose above the 2014 downtrend line. The Elliot wave analysis signals a recovery to the 0.8063/75 resistance area.
The 20-day MA (currently at 0.7927) is expected to act as a support. Key level below the price lies at 0.7873 (the recent low).
Chart. Daily EUR/GBP