The stance on the European cross remains negative while below 0.8819, commented Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“EUR/GBP‘s outlook stays negative while capped by its downtrend from August last year at .8819 and its 200 day ma at .8849, and we maintain a negative bias while capped here”.
“We will continue to target .8526, the 78.6% retracement of the move from 2017. En route are the .8689/87 December and January lows. Further down sits the .8620 April low and a support line at .8560″.
“Above .8852 would allow for a recovery to the .8969 recent high and the .9034 October 2017 high”.
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