EUR/GBP: Focus is on the 0.9178 June high – Commerzbank

EUR/GBP is retreating from daily highs above 0.9130 though is still up 0.15% on the day. The pair should target the June peak at 0.9178. Above this level, EUR/GBP would rise towards the 0.9323 mark, per Commerzbank.

Key quotes

“EUR/GBP rallied strongly higher on Friday and our focus remains on the June peak at 0.9178. A move above the 0.9178 June high would trigger a rise to 0.9323. This is the location of the 78.6% Fibonacci retracement.”

“Dips lower should find initial support at the 20-day ma at 0.9043 ahead of the 0.8960 five-month support line and 0.8931 last weeks low. This guards the June low at 0.8864.”