EUR/GBP is edging higher as trades near one-week tops, around mid-0.9000s following a swift bounce off the 55.day moving average at 0.8936. The pair is set to look for the 0.9129 mark once the 0.9056/69 is cleared, Commerzbank’s Axel Rudolph reports.
“EUR/GBP’s slip off its 0.9178 June high has taken it to its current July low at 0.8931, to the 55-day moving average, before swiftly bouncing off it.”
“A rise above the 0.9056/69 May and July 6 highs would put the five-month resistance line at 0.9129 back on the cards.”
“Below this week’s low at 0.8931 lies the June low at 0.8864.”
“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.”