EUR/GBP now targets 0.9059 – Commerzbank

In light of the recent price action, EUR/GBP could now reach the 0.9059 level, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“EUR/GBP has broken higher from its range and in doing so targets .8987/.9059, the 61.8% retracement and the highs from mid October 2016. We will simply go with this break for now – the market is immediately bid above .8815 the low from the 11th July”.

“The market will stay bid above the .8719 16th June low. Below here will trigger losses to the .8678/34 200 and 55 day moving averages”.