EUR/GBP: Not ready for continuation of the downturn - Commerzbank

Date | 09-07-2019 - 04:18 PM Article Type | Forex Region | World

Commerzbank senior analyst Axel Rudolph said the EUR/GBP continues to test the 78.6% retracement of 0.8980, but there was no closing price above that, and so it is believed that the market continues its upward movement.

​Key Quotes

“Favour the idea of some further consolidation near term – the daily RSI has diverged and we continue to doubt upside intent.”

“The .8980/94 level is regarded as the last defence for .9120 December 2018 high. While capped by .8980/94 we are unable to rule out a slide back to the 200 day ma at .8783 and then the March high at .8723, ahead of another leg higher.”

Author: PPS