EUR/GBP: key level to watch is 0.8743 - Commerzbank

Analysts at Commerzbank explained that the 0.8951 12th July high remains the break point to 0.8987 then 0.9059, the 61.8% retracement and the highs from mid-October 2016.

Key Quotes:

"The market will now stay immediately bid above the 0.8743 14th July low."

"Below 0.8743 will trigger losses to the 200-day ma at 0.8629."

Short Term Trend (1-3 weeks): Key week reversal suggests losses back to the 55-week ma.

"Long term trend (1-3 months): Negative following the key week reversal."