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EUR/GBP seen holding on to 0.8800 – Commerzbank

The down move in EUR/GBP appears to have met strong contention in the 0.8800 neighbourhood for the time being, noted Senior FICC Technical Analyst at Commerzbank Axel Rudolph.

Key Quotes

EUR/GBP finally slipped through the 200 day moving average at .8794 as expected with the 61.8% Fibonacci retracement of the May-to-August advance at .8794 currently being tested. For now it seems to hold, though. Below it lies the May 27 low at .8769”.

“Minor resistance above the .8891 July low and the .9016 September 9 high can be seen between the mid-July high and the 55 day moving average at .9043/52. Further resistance comes in at the .9149 current September high”.

“Still further up sits the August peak at .9327”.

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