EUR/GBP faces strong hurdle at 0.9344/0.9403 – Commerzbank

The upside in the European cross should face strong resistance in the 0.9344/0.9403 band, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“EUR/GBP has faltered ahead of 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. Attention reverts to the .9217 two month support line, which is currently being eroded. Below this area lies the four month support line at .9000. The up move remains intact above here”.

“Below the 55 day ma at .8960 would target the .8743 14th July low”.