EUR/GBP: side lined but bid in its range - Commerzbank

According to Karen Jones, Analyst at Commerzbank the EUR/GBP cross has stabilized above the 55-week ma but struggled for a firm directional bias.

Key quotes:

“EUR/GBP has recently failed to clear an old Fibonacci retracement at 0.8925 and also recovered off the 50% retracement at .8808. Currently we remain unable to rule out a move to the .9034 October high. Below .8808 would retarget the .8697 recent low. No really strong bias.”

“Key near term resistance is the .9034 October 12 2017 high. This remains the barrier to the 0.9071/0.9175 61.8% and 78.6% Fibonacci retracements.”

“The cross recently sold off to the 61.8% retracement of the move seen this year at .8697. A close below here targets the .8530/78.6% retracement of the move seen this year.”