The EUR/GBP pair has so far slid to the 0.8502 mark and Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, expects to see a further fall towards the 0.8471/65 neighborhood.
EUR/GBP slips towards the 0.8471/65 region
“EUR/GBP continues to slide towards the March and May 2019 lows at 0.8471/65. Around these levels the cross may stabilize. If not, we would have to allow for the 0.8314/0.8239 major support zone to be reached. It comprises the December 2016, April 2017, December 2019 and February 2020 lows and as such should act as strong support.”
“Resistance above the four-month resistance line at 0.8598 comes in at the 0.8641/46 mid and late March highs.”
“Rallies would need to clear the late February high at 0.8732 to negate downside pressure.”
“Only above there would allow for recovery to the lows seen in June, September and November at 0.8861/65.”
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