EUR/GBP now targets 0.8723/56 – Commerzbank

In light of the recent price action, the European cross is now eyeing the 0.8723/56 support area, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“EUR/GBP remains on the defensive following its recent failure at its early October high at .9034. The 2015-2017 uptrend at .8821 has been eroded and attention has reverted to the major band of support, which extends down to .8723/56, the July and September lows, the 200 day and 55 week ma. Below .8723 would target the .8530/78.6% retracement of the move seen this year”.

“Above .9026/34 sits the 61.8% Fibonacci retracement at .9093 and the mid-August high at .9145”.