According to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, the decline in the European cross is likely to meet contention in the 0.8440 region.
Key Quotes
“The market is under pressure. EUR/GBP remains stuck below last week’s high at .8606 and has now eroded last week’s low at .8522. Below here lies the May low at .8465. We note the TD support at .8440 and we look for the market to hold here”.
“Above last week’s high at .8606 lies a minor downtrend channel resistance line at .8627 ahead of the four month downtrend line at .8774. Overhead resistance is reinforced by .8786 the mid-September low”.
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