EUR/GBP: scope for a move to the .9034 October high - Commerzbank

Karen Jones, Analyst at Commerzbank, anticipated the EUR/GBP cross to continue scaling higher and move towards October high.

Key quotes:

“EUR/GBP has recently failed to clear an old Fibonacci retracement at 0.8925 and also recovered off the 50% retracement at .8808. Currently we remain unable to rule out a move to the .9034 October high. Key near term resistance is the .9034 October 12 2017 high. This remains the barrier to the 0.9071/0.9175 61.8% and 78.6% Fibonacci retracements.”

“Below .8808 would retarget the .8697 recent low. The cross recently sold off to the 61.8% retracement of the move seen this year at .8697. A close below here targets the .8530/78.6% retracement of the move seen this year.”