EUR/GBP stays bid above 0.8937 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the European cross is seen bid while above 0.8937 for the time being.

Key Quotes

“EUR/GBP’s rise above the .9014/34 October and November 2017 highs has the 78.6% Fibonacci retracement at .9161 in its sights. We would tighten stops on long positions as we note the presence of a 13 count on the daily chart and this signals caution, While above the three month support line at .8937 the currency pair remains bid. Immediate support above it can be seen between the March and July highs at .8969/60”.

“Above .9161 would introduce scope to the .9295 2009-2018 downtrend line”.