EUR/GBP attention is now on 0.9344 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the European cross keeps the focus on the 0.9340 area for the time being.

Key Quotes

“EUR/GBP remains bid and attention is on the 2008-2017 resistance line at .9344. Together with the .9403 October 2016 high, this represents tough resistance which is likely to hold the initial test”.

“The market will stay immediately bid above the .9189 two month support line. Below this area lies the four month support line at .8985. The up move remains intact above here”.

“Below the 55 day ma at .8945 would target the .8743 14th July low”.