EUR/GBP seen struggling around 0.8844/49 – Commerzbank

The upside in the European cross is expected to struggle in the vicinity of 0.8850, according to Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“EUR/GBP reached the .8689 December low and is still bouncing off it. The market should start to struggle as we approach .8844/49 55 and 200 day moving averages and the .8883 5 month resistance line”.

“Were a slip below the December and January lows at .8689/87 to be seen, the June low at .8651 would be in focus”.

“The .9034 October 2017 high remains the barrier to the .9071/.9175 61.8% and 78.6% Fibonacci retracements”.