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Analysts at Commerzbank recommend opening longs on the EUR/GBP based on technical analysis, as they have seen the rupture of the 6-month downtrend.

Key Quotes

“EUR/GBP has eroded the 6-month downtrend at .8497. The 61.8% retracement at .8380 has recently held 3 times and we suspect that the market might be basing from a longer-term perspective.”

“Attention reverts to the .8606/10 nearby resistance. A close above .8610 is needed to alleviate downside pressure and re-target the .8769 200 day ma.”

“Below .8226 remain the June and October 2012 highs as well as the April 2016 high and the January and February 2014 lows at .8167/18.”