EUR/GBP could slip towards the mid-0.8300s – Commerzbank

In view of Senior Technical Analyst at Commerzbank Axel Rudolph, the European cross could re-test the area around 0.8350 prior to 0.8330.

Key Quotes

“EUR/GBP slid through the 38.2% Fibonacci retracement of the move up from May which is located at .8539 and thus targets the 50% retracement at .8353, then the .8337 September low”.

“Rallies are expected to remain capped by the .8750/.8800 band. The market stays directly offered below here. The 55 day ma lies at .8754”.