EUR/GBP remains bid above 0.8830 – Commerzbank

Karen Jones, Head of FICC Technical Analysis Research at Commerzbank, suggested the European cross remains bid as long as it trades above 0.8830.

Key Quotes

“EUR/GBP has reached the gap which was left at .8849 and this has already been partially filled. Directly below the market lies the 4 month uptrend at .8830 and the currency pair remains immediately bid while above here. This support is reinforced by the .8724 August high and we look for this to hold”.

“One of our data feeds places the recent high at .9403 and we will consider that upside targets have been met for now”.