EUR/GBP trades in three-month highs, target zone at 0.9308/0.9323 – Commerzbank

EUR/GBP trades at 0.9096, in three-month highs, after having eroded the 0.9086 50% Fibonacci resistance and Commerzbank’s Karen Jones targets the 0.9308/0.9323 zone.

Key quotes

“EUR/GBP outlook remains positive and is eroding the 0.9086 50% Fibonacci resistance. A close above 0.9086 (favoured) will target 0.9184, then 0.9323, the 61.8% and 78.6% retracements of the move seen since March. This latter level is reinforced by the 2017 high at 0.9308 and this represents our initial upside target zone (0.9308/0.9323).” 

“A bullish bias will be maintained while above the short-term uptrend at 0.8948 and we look for the market to hold above here.”