EUR/GBP remains negative in the longer run – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, said the failure around 0.8780 should shift the attention back to 0.8445.

Key Quotes

“EUR/GBP has rallied towards and is stalling at the 3 month resistance line at .8784. Failure here should re-focus attention back to the near term support offered by the 7 month uptrend at .8445. Intraday dips are currently indicated to hold circa .8650”.

“We maintain a longer term negative bias and below .8427, we look for a retest of the 200 day ma at .8363 and the recent low at 0.8304. Failure here will trigger another leg lower to the 0.8170 50% retracement”.