EUR/GBP: Pointing higher – Commerzbank

EUR/GBP has tested and so far failed at its 200-day ma at .8745. The market is consolidating here and Karen Jones from Commerzbank would allow for a slide back into the .8610/.8580 zone.

Key quotes

“The market has recently eroded the key .8610 resistance and in doing so has completed a base with a .8979 upside measured target.” 

“Above .8745 will target the .8786 20th September low and the .8891 25th July low en route to the .8979 measured target.”

“Nearby support is the 55-day ma at .8484 ahead of the near term uptrend at .8417. This guards .8332, the 24th February low.”