EUR/GBP to advance nicely towards July high at 0.8671 – Commerzbank

As Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, notes, EUR/GBP stays bid above the 20-day moving average at 0.8552. The pair is set to advance in search of the July 2021 high at 0.8671.

Failure at 0.8471/65 to target 0.8314/0.8239
“EUR/GBP continues to trade above the 20-day ma at 0.8552. We should see the market stabilize and re-try to the topside.”

“For now, we maintain a near-term upside bias.”

“We would allow for a move to 0.8620 and possibly to 0.8671, the July 2021 high.”

“Failure at 0.8471/65 on a closing basis would target 0.8314/0.8239 as well as the 200-month moving average at 0.8151.”