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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.”