EUR/GBP expected to fail near 0.9030 – Commerzbank

Pablo Piovano FXStreet

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the European cross is expected to struggle around the 0.9030 region.

Key Quotes

“EUR/GBP continues to grind higher and is poised to encounter the 55 day ma at .9014, the base of the cloud at .9025 and the 50% retracement at .9027 and we suspect that the market will fail here”.

“Directly below the market lies a major band of support which extends down from the .8748 14th July low to .8720 – this contains the 200 day ma, the 55 week ma, and the 2015-2017 uptrend”.

“Below .8700 would target the 0.8530/78.6% retracement of the move seen this year”.

“Above .9145 would retarget the .9308 recent high”.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.