EUR/GBP: Positive bias remains – Commerzbank

Karen Jones, analyst at Commerzbank, suggests that the positive bias for EUR/GBP remains in place as it has started to erode the .8934/41 recent highs even when we have not seen a close above here and they suspect that the market will need to consolidate very near term.

Key Quotes

“We look for gains to the early August and September highs at .9031/54. Risks are now on the topside and the market stays bid near term while above the .8810/00 support.”

“Slips should find support between the July low at .8799 and the November 12 high at .8774. Further support sits at the October trough at .8723.”