EUR/GBP keeps the neutral outlook – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the European cross keeps the neutral stance for the time being.

Key Quotes

“EUR/GBP is in the middle of its range and the outlook is neutral. The market recently reversed just ahead of the .8926 mid January high and the 8952 top of the channel. Focus has shifted to key nearby support, which is offered by the December and January lows at .8689/87. While these hold we remain unable to rule out recovery to the .9034 October 2017 high. This remains the barrier to the .9071/.9175 61.8% and 78.6% Fibonacci retracements”.

“Below .8687 would target the 0.8651 June low and longer term the .8526/78.6% retracement”.