EUR/GBP positive above 0.8767 – Commerzbank

The stance on the European cross should stay positive while above 0.8767, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“EUR/GBP remains bid above the near term uptrend at 0.8767. It remains capable of retesting the .8852/68 January high and recent high, and will need to close above here to confirm further upside potential to .8987/.9059, the 61.8% retracement and the highs from mid October. The .8852 high, which is reinforced by the 0.8858 50% retracement of the move down from the .9403 spike high, and this is likely to prove tough to break”.

“It is bid above the .8767 short term uptrend and only below here will trigger losses to the .8623/.8591 200 and 55 day ma”.