FXStreet (Edinburgh) - Axel Rudolph, Senior Technical Analyst at Commerzbank, still sees the pair trading in sub-0.8033/36 levels.
“EUR/GBP dropped back to the 55 day moving average and the immediate uptrend line at .7967. Failure there would 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”.