EUR/GBP: Consolidates below its recent highs – Commerzbank

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According to Karen Jones, analyst at Commerzbank, EUR/GBP is likely to consolidate further below its recent highs of 0.8941/46.

Key Quotes

“In case this resistance area were to be exceeded on a daily chart closing basis, we would look for gains to the early August and September highs at .9031/54 to unfold.”

“Risks are on the topside and the market stays bid near term while above the .8810/00 support. Slips should find support between the July low at .8799 and the November 12 high at .8774.”

“Further support sits at the October trough at .8723.”

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