Flash: EUR/GBP’s outlook has changed – Commerzbank

FXstreet.com (London) - Analyst, Axel Rudolph at Commerzbank has said that EUR/GBP’s outlook has changed to short term bullish now that it has overcome resistance made up of the 2013 downtrend line and 55 day moving average at 0.8486/0.8516.

Their next upside target is the 0.8559 April 9 and 10 high which is around the next higher 0.8591 April 22 high the currency pair may struggle again, though. At present they expect the current rally to run out of steam around the 0.8637 April peak.