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- EUR/GBP heads to the five-year uptrend at 0.8591 - Commerzbank
EUR/GBP heads to the five-year uptrend at 0.8591 - Commerzbank
FXStreet reports that Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank suggests that the EUR/GBP pair is heading to the 2016-2021 uptrend at 0.8591 and a break below here would expose the May 2019 low at 0.8465.
“EUR/GBP resumed its down move last week and starts this week with attention on the 2016-2021 uptrend at 0.8591, we look for this to hold the initial test. Failure at 0.8591 would target the 0.8465 May 2019 low.”
“Initial resistance is the accelerated downtrend at 0.8720 and this is the minimum that needs to be overcome to alleviate downside immediate pressure.”
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