EUR/GBP: scope for a move to the .9034 October high - Commerzbank

Karen Jones, Analyst at Commerzbank, anticipated the EUR/GBP cross to continue scaling higher and move towards October high.

Key quotes:

“EUR/GBP has recently failed to clear an old Fibonacci retracement at 0.8925 and also recovered off the 50% retracement at .8808. Currently we remain unable to rule out a move to the .9034 October high. Key near term resistance is the .9034 October 12 2017 high. This remains the barrier to the 0.9071/0.9175 61.8% and 78.6% Fibonacci retracements.”

“Below .8808 would retarget the .8697 recent low. The cross recently sold off to the 61.8% retracement of the move seen this year at .8697. A close below here targets the .8530/78.6% retracement of the move seen this year.”

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 securities. 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 Forex 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.