EUR/GBP: Pushing hard into the .8941 October high – Commerzbank

According to Karen Jones, analyst at Commerzbank, the EUR/GBP cross has started to erode the .8934/41 recent highs and although we have not seen a close above here, but a positive bias remains.

Key Quotes

“We look for gains to the early August and September highs at .9031/54. Risks are now on the topside and the market stays bid near term while above the .8810/00 support. Slips should find support between the July low at .8799 and the November 12 high at .8774. Further support sits at the October trough at .8723.”

“Only unexpected failure at the .8655 November low on a daily chart closing basis would probably trigger a swift drop to the April low at .8620. Below it lies the .8602 May 24 low.”