EUR/GBP: continues to oscillate around the 55 day moving average - Commerzbank

According to Karen Jones, Analyst at Commerzbank, the EUR/GBP cross might still be aiming to test the 0.9034 October highs resistance as long as 200-day SMA support is held. 

Key quotes:

“EUR/GBP continues to oscillate around the 55 day moving average, having eroded the six month resistance line at .8838 currently. We will assume an upside bias above the 200 day ma at .8822 and allow for a move to the .9034 October high to unfold. This remains the barrier to the 0.9071/0.9175 61.8% and 78.6% Fibonacci retracements.”