EUR/GBP upside target remains at 0.9400 – Commerzbank

In light of the recent price action around the European cross, Senior Analyst at Commerzbank Axel Rudolph believes the 0.9400 area is now a potential target.

Key Quotes

“EUR/GBP’s advance is gaining pace with it having shot above the .9200 mark towards the .9250 region. Above it the 2008-2017 resistance line can be seen at .9360. Together with the .9400 region it represents a potential upside target”.

“Slips should find support around the 78.6% Fibonacci retracement at .9170. The currency pair will stay immediately bid while it remains above the .9134 near term uptrend line. Below it lies the four month support line at .8955. The up move remains intact above here”.

“Below the .8743 14th July low would trigger losses to the 200 day moving average at .8653”.