EUR/GBP focus now shifted to 0.8739/24 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the European cross finding initial support in the area of 0.8739/24.

Key Quotes

“EUR/GBP was rejected at the top of its channel and has eroded the base of the channel. The major key day reversal leaves the .8724 August high and the 55 day ma at .8739 exposed, these should hold the initial test though. Below here we have the cloud down to .8590 then Fibo support at .8538”.

“Initial resistance is now the downtrend at .9012 and this guards the .9140 11th October high. One of our data feeds places the recent spike high at .9403 and we will consider that upside targets have been met for now”.