EUR/GBP: Consolidation? – Commerzbank

Karen Jones, analyst at Commerzbank, explains that the EUR/GBP baulked just ahead of the .9101 August high, after spiking higher.

Key Quotes

“While we would allow for some near term consolidation, the move does looks directional and above here would target the top of the 2016-2018 channel at .9172. Risks are on the topside and the market stays bid near term while above the .8941 support. Below .8941 lies the 200 day ma at .8837.”

“Long term trend (1-3 months): Targets the .9101 August peak then the top of the 2016-2018 channel at .9172.”