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The European cross could now return to the 0.8960/69 band, suggested Senior Analyst at Commerzbank Axel Rudolph.

Key Quotes

“Last week EUR/GBP reached the .9014/34 October and November 2017 highs before rapidly falling to the three month support line at .8899, only to then bounce off it. The .8960/69 March and July highs are thus being targeted. Above these lies the current August high at .9031″.

“Below the August 14 low at .8896 lie the .8855 early August low and also the 55- and 200-day moving averages at .8857 and .8824″.

“Unexpected failure at the .8824 level would push the five month support line at .8815 and the July low at .8799 to the fore”.