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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.”