The euro extended gains against the pound at the end of last week, surging above 0.9050 to mark a two-high. Now, as EUR/GBP approaches the 0.9086 Fibonacci resistance, Commerzbank’s Karen Jones sets the target level for the pair at 0.9208.
Key quotes
“EUR/GBP rallied into two-month highs on Friday. It is approaching the 0.9086, 50% Fibonacci resistance. Above 0.9086 we target 0.9184, then 0.9323, the 61.8% and 78.6% retracement of the move seen since March. This latter level is reinforced by the 2017 high at 0.9208 and this represents our initial upside target zone 0.9208/0.9323.”
“A bullish bias will be maintained while above the short-term uptrend at 0.8913 and we look for the market to hold above here.”
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