EUR/GBP is down -0.3% today to 0.9055 as the pair takes a breath from its recovery towards the five-month resistance line at 0.9124. Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, notes EUR/GBP advances gradually since April and expects a move above the 0.9178 June high to target the 0.9323 mark.
Key quotes
“EUR/GBP’s recovery rally from the current July low at 0.8931 is taking it towards the five-month resistance line at 0.9124. Above it beckons the June peak at 0.9178.”
“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.”
“Below this week’s low at 0.8931 lies the June low at 0.8864.”
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