EUR/GBP underpinned by 0.8890 – Commerzbank

According to Senior Analyst at Commerzbank Axel Rudolph, the European cross should remain underpinned by the 0.8890 area.

Key Quotes

“Last week EUR/GBP reached the .9014/34 October and November 2017 highs before rapidly falling back towards the three month support line at .8890 which is expected to underpin, if reached that is. Below it support comes in at the .8855 early August low and also along the 55- and 200-day moving averages at .8848 and .8823 respectively”.

“Unexpected failure at the .8823 level would push the five month support line at .8808 to the fore”.

“Minor resistance comes in at the .8960/69 March and July peaks”.