EUR/GBP to test the 0.9086 50% Fibonacci resistance – Commerzbank

EUR/GBP is poised to challenge the 0.9086 Fibonacci resistance though today is trading down -0.35% to 0.9027 but the bullish bias is supported while above the 0.8927 mark, Commerzbank’s Karen Jones briefs.

Key quotes

“EUR/GBP outlook remains positive and is approaching the 0.9086 50% Fibonacci resistance and this is now exposed.” 

“Above 0.9086 we target 0.9184, then 0.9323, the 61.8% and 78.6% retracements of the move seen since March. This latter level is reinforced by the 2017 high at 0.9308 and this represents our initial upside target zone (0.9308/0.9323).” 

“A bullish bias will be maintained while above the short-term uptrend at 0.8927 and we look for the market to hold above here.”