EUR/GBP upside bias intact above 0.8601/546 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the cross keeps the bullish bias unchanged while above 0.8601/546.

Key Quotes

“EUR/GBP has not quite managed to clear the .8751 recent high and the marginal new high of .8756 has not been confirmed by the daily RSI and we are alert to the idea of a small dip back. For now we will assume while above the 200 day and 55 day ma at .8601/546, an upside bias remains to test the .8790 March high and potential to the .8852 January high”.

“Below the 55 day ma will target the 18th May low, which guards the 0.8383 May low and failure here will retarget key support at .8334/04”.