EUR/GBP approaches its five-year uptrend at 0.8588 – Commerzbank
|The EUR/GBP pair is approaching its five-year uptrend at 0.85885 as the 0.8671 April low has been blitzed. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, remarks that the cross is set to remain under pressure while below the 0.8732 level.
Key quotes
“EUR/GBP slid below the 0.8671 April low, with ease and our attention is on the 2016-2021 uptrend at 0.8586/85.”
“Initial resistance is the accelerated downtrend at 0.8732 and this is the minimum that needs to be overcome to alleviate downside immediate pressure. Above here lies 0.8864/61 (lows seen in June, September and November) while capped here overall attention will remain on the downside.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.