Based on Karen Jones, analyst at Commerzbank, EUR/GBP cross earlier rally which was rejected by the earlier uptrend, which is now performing as resistance at .8991 and this can proceed to weigh on the draw back.
“The market is probing the 200 day ma at .8862. Whereas this holds on a closing foundation we are going to assume that the market remains to be comparatively impartial. Nevertheless the market has did not clear the .9101 August excessive and it’s attainable that it’ll show to be a prime and under the 200 day ma will goal .8810 the low from the top of November.”
“Above .9101/20 would goal the highest of the 2016-2019 channel at .9165. Additional consolidation appears to be like doubtless very close to time period.”