EUR/GBP: 2019 downtrend eroded – Commerzbank

According to Karen Jones, analyst at Commerzbank, EUR/GBP cross has eroded the 2019 downtrend at .8624 and it needs to overcome this on a closing basis (favoured) in order to alleviate downside pressure and re-target the 200 day ma at .8799.

Key Quotes

“The market has recently seen a minor breach of the .8471 March low which was not sustained. Directly below here lies the 200 week ma at .8440 and we look for this to hold the downside.”

“Below .8440 would allow for a sell off to the April 2017 low at .8314.”