EUR/GBP above 0.9082/85 could target 0.9170 – Commerzbank

The European cross could advance towards the 0.9170 region once the 0.9082/85 band is cleared, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“EUR/GBP has eroded the 61.8% retracement (circa .8987) of the move down from the October 2016 spike high and broken higher towards .9059, the highs from mid October 2016. Above here lies the .9082/85 2011 high here the market is struggling to make further headway – above here introduces scope to the .9170 78.6% retracement”.

“The market will now stay immediately bid above the .8743 14th July low. Initial support is the .8966 near term uptrend and the .8867 channel”.