At the time of writing, EUR/GBP trades at 0.9014, down -0.09% on a day, as the pair is easing back from the 0.9178 June high. Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, expects EUR/GBP to fall towards a retest of the ptrend line around 0.8970.
“EUR/GBP is seen coming off its 0.9178 June high and is seen slipping back towards the six-month uptrend line at 0.8977. Below it solid support can be seen between the 55-day moving average and the June low at 0.8904/.8864. This we expect to underpin.”
“A move above the 0.9178 June high would trigger a rise to 0.9323. It is the location of the 78.6% Fibonacci retracement.”
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