EUR/GBP faces initial support around 0.8800 – Commerzbank

Occasional dips in the European cross should meet initial support in the 0.8800 neighbourhood, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

EUR/GBP is about to encounter the .8926 mid January high and the 8959 top of the channel. Initial support lies circa .8800. Key nearby support is offered by the December and January lows at .8689/87. While these hold we remain unable to rule out recovery to the .9034 October 2017 high. This remains the barrier to the .9071/.9175 61.8% and 78.6% Fibonacci retracements”.

“Below .8687 would target the 0.8651 June low and longer term the .8526/78.6% retracement”.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.