EUR/GBP could still test 0.8353 – Commerzbank

Senior Technical Analyst at Commerzbank Axel Rudolph believes there is the chance for European cross to visit the mid-0.8300s.

Key Quotes

“EUR/GBP continues to oscillate around the 38.2% Fibonacci retracement of the move up from May at .8539. It may still reach the 50% retracement at .8353, below which lies the .8337 September low”.

“While the current November low at .8491 holds on a daily chart closing basis, some short term stabilization is likely to be seen”.

“Rallies are expected to remain capped by the .8750/.8800 band. The market stays directly offered below here. The 55 day ma lies at .8756”.