EUR/GBP set to challenge the 0.8505/00 support – Commerzbank

Break below the 20-day moving average leaves the EUR/GBP pair on the defensive. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the cross to test the 0.8505/00 support zone.

Nearby resistance seen at 0.8615/20

“EUR/GBP has broken below the 20-day ma and is back in the middle of its range.” 

“The break lower looks and feels directional and can only assume at this point a retest of the 0.8505/00 support is on the cards. Below here lies key support is 0.8471/49, the recent low and lows since 2019.”

“Nearby resistance lies at 0.8615/20.”