EUR/GBP upside bias above 0.8719 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the European cross keeps the upside bias intact while above 0.8719.

Key Quotes

“EUR/GBP last week eroded its downtrend from August last year and is currently probing its 200 day ma at .8830, which has so far held. Directly above here we have the .8846 7 th May high and the 55 week moving average at .8859 and we will assume that this is now exposed. Above here we would allow for a recovery to the .8969 recent high and the .9034 October 2017 high”.

“We will assume an immediate upside bias above the .8719 support line and only below here will trigger losses to the .8697 end of May low and the 0.8620 April low”.