EUR/GBP: Consolidation mode – Commerzbank

EUR/GBP is in consolidation mode near term and has eased back to the 20 day ma at 0.8970, Karen Jones from Commerzbank informs.

Key quotes

“Recovery from 0.8970 should retarget last weeks high at 0.9501. 

“We would allow for some further near term consolidation and currently are unable to rule out a corrective set back into the 0.8756/0.8638 band.” 

“Above 0.9501 all we have is the 0.9803 2008 high.”