EUR/GBP to retest the recent high at 0.9056 – Commerzbank

EUR/GBP is heading to the recent high at 0.9056, the pair trades at 0.9009 as of writing, and beyond. The bullish sentiment is secured while EUR/GBP trades above the uptrend at 0.8906, Commerzbank’s Karen Jones reports.

Read: BoE fell short of estimates, GBP/USD points to the downside

Key quotes

“EUR/GBP has rallied higher following a sell off in Sterling and is well placed to re-challenge 0.9056/86, the recent high and Fibo resistance.” 

“Above 0.9086 we target 0.9184, then 0.9323, the 61.8% and 78.6% retracement of the move seen since March.” 

“A bullish bias will be maintained while above the short-term uptrend at 0.8906 and we look for the market to here.”