EUR/GBP stays depressed around 0.9020 as recedes from the 0.9178 June high. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to stop the downside at the 0.90 mark.
Key quotes
“EUR/GBP took back last week’s gains as the market faltered ahead of the June peak at 0.9178. Dips lower should find initial support around 0.9000 ahead of the 0.8960 five-month support line and 0.8931 last week’s low. This guards the June low at 0.8864.”
“A move above the 0.9178 June high would trigger a rise to 0.9323. This is the location of the 78.6% Fibonacci retracement.”
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