EUR/GBP now targets the 0.8960/69 band – Commerzbank

The European cross could now return to the 0.8960/69 band, suggested Senior Analyst at Commerzbank Axel Rudolph.

Key Quotes

“Last week EUR/GBP reached the .9014/34 October and November 2017 highs before rapidly falling to the three month support line at .8899, only to then bounce off it. The .8960/69 March and July highs are thus being targeted. Above these lies the current August high at .9031”.

“Below the August 14 low at .8896 lie the .8855 early August low and also the 55- and 200-day moving averages at .8857 and .8824”.

“Unexpected failure at the .8824 level would push the five month support line at .8815 and the July low at .8799 to the fore”.