Uptrend at 0.8835 is set to support the EUR/GBP pair. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the cross to continue the bullish trend and above 0.9086 should target 0.9184.
Key quotes
“EUR/GBP came very close last week to its upside measured target of 0.9060 (high was 0.9056). We have seen some profit taking but dips held over the 55-day ma and the market looks to have already reasserted its up move.”
“Above 0.9086 we target the 0.9184 then 0.9323, the 61.8% and 78.6% retracement of the move seen since March.”
“A bullish bias will be maintained while above the short-term support line at 0.8835 and we look for dips lower to hold here.”
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