EUR/GBP to alleviate downside pressure on a break above 0.8530 – Commerzbank

EUR/GBP’s new low has not been confirmed by the daily RSI. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to see a correction higher with first resistance seen at 0.8500, then 0.8530.

EUR/GBP to target the 0.8239 2019 low below 0.8400

“EUR/GBP new lows have not been confirmed by the daily RSI, and we are correcting higher.”

“We have initial resistance at 0.8500. Above here lies the 55-day ma at 0.8530 and will need to regain this in order to alleviate downside pressure and to challenge the 0.8659/73 highs since May.” 

“Below 0.8400 attention should revert to the 0.8239 2019 low and the 200-month ma lies at 0.8159.”