EUR/GBP bullish above 0.8900 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the European cross remains bid above the 0.8900 handle.

Key Quotes

“EUR/GBP last week sold off to and is seeing some recovery from the 4 month uptrend, which is currently located at .8900, an upside bias is maintained above here. Price action is constructive as the market has partially filled the gap which was left at .8849 and the market is now recovering”.

“The currency pair remains immediately bid above the uptrend. This support is reinforced by the .8724 August high and we look for this to hold”.

“Initial resistance is the .9140 11th October high. One of our data feeds places the recent high at .9403 and we will consider that upside targets have been met for now”.