EUR/GBP now focused on 0.8839 – Commerzbank

The 0.8839 level is expected to hold the decline in the European cross, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“EUR/GBP is weighing on key support which extends down to the 200 day ma at .8839, ideally this will hold the downside and provoke recovery. We should then see a rally to the .9011 level and the August high at .9031”.

“Above .9011/31 sits the .9101 August high. Above there would target the .9161 Fibonacci resistance and then the .9291 2009-2018 downtrend line”.