EUR/GBP: In three-month highs, targets the 2017 high at 0.9308 – Commerzbank

EUR/GBP has reached three-months highs and now approaches the 0.9184 level. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, has set the 2017 high as the initial target for the pair.  

Key quotes

“EUR/GBP is at three-month highs and already approaching the 61.8% retracement at 0.9184. Above here will trigger a move to 0.9308/23, this is the location of the 78.6% retracements of the move seen since March and the 2017 high at 0.9308 and this represents our initial upside target zone.” 

“A bullish bias will be maintained while above the short-term uptrend at 0.8955 and we look for the market to hold above here.”