EUR/GBP now targets 0.9170 – Commerzbank

The European cross could now move higher to the 0.9170 area, suggested Axel Rudolph, Senior Technical Analyst at Commerzbank.

Key Quotes

“EUR/GBP’s advance remains intact with the 78.6% Fibonacci retracement at .9170 still being in focus. The currency pair will stay immediately bid while it remains above the .9078 near term uptrend line. Below it lies the four month support line at .8925. The up move remains intact above here”.

“Below the channel and .8743 14th July low will trigger losses to the 200 day ma at .8640”.