FXStreet (Edinburgh) - The recent price action in the cross would allow a test of the 0.7935 level, suggested Axel Rudolph, Senior Technical Analyst at Commerzbank.



Key Quotes



“EUR/GBP still slides along the 55 day moving average at .7962, having fallen through the and the two month uptrend line at .7975”.



“Failure at yesterday’s .7953 low will push the .7935 August 13 low to the fore”.



“We still expect EUR/GBP to remain below the .8033/36 resistance zone, made up of the late June and current August highs”.



“A break above the .8033/36 area would introduce scope to challenge the .8074/82 38.2% Fibonacci retracement of the March-to-July decline and May low”.



“Such a rally should fail ahead of the .8136/59 50% retracement, February low and late May high at the very latest”.



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    EUR/GBP shoots to 0.7130 on Tsipras bailout

  2. Forex News

    SEB: EUR/GBP requires a move above 0.7126 to see further buying – eFXnews

  3. Forex News

    EUR/GBP recovers to 0.7083 on UK PMI

  4. Forex News

    EUR/GBP unperturbed near 0.7070 on PMIs

  5. Forex News

    EUR/GBP sidelines below 0.7100

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!