EUR/GBP: Further gains expected above 0.8610 – Commerzbank

The focus of attention in EUR/GBP has now shifted to the 0.8610 level, suggested Karen Jones, Team Head of FICC Technical Analysis Research at Commerzbank.

Key Quotes

“EUR/GBP is consolidating below the .8610 resistance. We still believe that it is basing and a close above here is needed to confirm that the market has based. This is likely to act as a trigger on the topside to .8779, the 200 day ma. For now we are relatively neutral.”

“While capped by the .8610 resistance, support at .8453 remains exposed. This guards the .8239 recent low and together with the 55 quarter moving average at .8226 this represents key support.”