EUR/GBP: Potential base will complete on a close above 0.8865 – Commerzbank

EUR/GBP is showing signs of recovery and is trading above the 200-day ma at 0.8715, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, briefs.

Key quotes

“The EUR/GBP pair looks well placed to challenge 0.8864/65. A close above here will confirm a short term base targeting 0.9060. This potential base will remain valid while the market continues to trade above the April low at 0.8671.” 

“Above resistance at 0.8864/65 sits the March 20 low at 0.8994.”