EUR/GBP decent resistance is located at 0.8840/80 – Commerzbank

Occasional bullish attempts in the European cross are seen facing a tough barrier around the 0.8840/80 band.

Key Quotes

“EUR/GBP has sold off towards the 200 day ma at .8787, the September low at .8746 and the 55 week ma at .8722. This is a major band of support and we look for this to hold the initial test. Below .8722 would target the .8530/78.6% retracement of the move seen this year. Near term rallies should find decent resistance at .8840/80 (38.2% and 50% retracements of last leg down”.

“Above .9026/34 sits the 61. 8% Fibonacci retracement at .9093 and the mid-August high at .9145”.