EUR/GBP came in for a bit of profit taking

EUR/GBP came in for a bit of profit taking overnight after poking its head above 0.93 in Europe Wednesday. However, Commerzbank says as long as the gilt/bund spread is moving fast it would be surprised if EUR/GBP reverses course. The bank says according to their technical analyst the next targets are the 0.9355 area and even January's highs of 0.9520 and 0.9555. The 5-year gilt/bund spread is currently 9 1/2BP in bunds favor. EUR/GBP trades at 0.9254 from the day's low of 0.9212.