EUR/GBP: Poised to break above the 0.8988 Fibo resistance – Commerzbank

EUR/GBP is probing the 38.2% retracement at 0.8988, which is now exposed, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

Key quotes

“We view the market as having recently based and our target is 0.9060. The base should remain valid while the cross continues to trade above the April low at 0.8671.” 

“Near-term support below the 55-day ma at 0.8862 lies at 0.8757 the short-term support line.”