FXStreet (Edinburgh) – According to Axel Rudolph, Senior Technical Analyst at Commerzbank, the cross could face tough resistance around the 0.7480 area.
Key Quotes
“EUR/GBP broke out of its bull flag and retested its long term downtrend channel resistance line at .7396 on Thursday”.
“It fell short of the August peak at .7421 before it came off again. Together with the next higher .7482 May peak it should cap the currency pair”.
“Minor support comes in around the 200 day moving average at .7298”.
(Market News Provided by FXstreet)