EUR/GBP support expected around 0.8820 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the European cross should stay supported in the 0.8820 region.

Key Quotes

“EUR/GBP remains on the defensive following its recent failure at its early October high at .9034, namely at .9026. Support now comes in around the 2015-2017 uptrend at .8821 and a major band of support, which extends down to .8723/55, the July and September lows, the 200 day and 55 week ma. Below .8743 would target the .8530/78.6% retracement of the move seen this year”.

“Above .9026/34 sits the 61.8% Fibonacci retracement at .9093 and the mid-August high at .9145”.