EUR/GBP to see further gains, next stop at 0.8732 – Commerzbank
|EUR/GBP charted key week reversal as the pair held the 0.8471/65 area. Karen Jones, Team Head FICC Technical Analysis Research, targets the late February high at 0.8732.
EUR/GBP has reversed from 0.8471
“EUR/GBP last week charted a key week reversal from the March and May 2019 lows at 0.8471/65 and closed above the April 2020 low at 0.8671.”
“We would like to see some further upside follow through, but for now view the market as having based and look for scope to the late February high at 0.8732.”
“A rise above 0.8732 would target the lows seen in June, September and November at 0.8861/65.”
“Dips would find initial support offered by the 20-day ma at 0.8576 ahead of key support at 0.8471/65.”
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