EUR/GBP still targets 0.8526 – Commerzbank

The European cross keeps targeting 0.8526 as long as it remains capped by 0.8826, according to Axel Rudolph, Senior Analyst at Commerzbank.

Key Quotes

“EUR/GBP fell back to the 55 day moving average at .8784, having fallen short of the 200 day ma at .8876”.

“While capped by the 200 day ma we will continue to target .8526, the 78.6% retracement of the move from 2017. En route is the .8620 recent low and a support line at .8572”.

“Above .8879 would allow for a recovery to the .8969 recent high and the .9034 October 2017 high”.