Karen Jones, analyst at Commerzbank, explains that EUR/GBP has rolled over the near term uptrend and even as further near term consolidation looks in place, an upside bias will remain in place while above the .8941 October high.
Key Quotes
“The recent move higher does looks directional and we would expect to see the market challenge the .9101 August high. Above .9101 would target the top of the 2016-2018 channel at .9172. Below .8900 lies the 200 day ma at .8841.”
“Only unexpected failure at .8810 the end of November low would target the .8655 November low.”
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