EUR/GBP faces consolidation near term – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the European cross is expected to trade in a sideline fashion in the near term.

Key Quotes

“EUR/GBP spent most of last week consolidating it has recently halted just ahead of the .8743 14th July low and we would allow for further consolidation. Between here and .8713 we have a LOT of support namely the 55 week ma, the 200 day ma and the 2015-2017 uptrend. We have now exited all of our short positions. Intraday rallies are indicated to hold below 8900”.

“Above .9145 would retarget the .9308 recent high”.