EUR/GBP approaches its five-year uptrend at 0.8588 – Commerzbank

FXStreet Team FXStreet

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.”

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