EUR/GBP recovery to 0.9034 not ruled out – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the European cross could still attempt a bull run to the 0.9030 area.

Key Quotes

“EUR/GBP is basically in the middle of its range. The market last week reversed just ahead of the .8926 mid January high and the 8956 top of the channel. Initial support lies circa .8800. Key nearby support is offered by the December and January lows at .8689/87. While these hold we remain unable to rule out recovery to the .9034 October 2017 high. This remains the barrier to the .9071/.9175 61.8% and 78.6% Fibonacci retracements”.

“Below .8687 would target the 0.8651 June low and longer term the .8526/78.6% retracement”.